Thursday, July 9, 2009

Midsummer Doldrums

"There is a fine line between fishing and just standing on the shore like an idiot."

Steven Wright

I feel sort of like a idiot right now. I had been been expecting a correction, but not a big one, so I haven't been doing much of anything in the market for the last couple of months. Alcoa kicked off earnings season last night and doesn't look like much of a catalyst for a move either way. Lower-than-expected losses on China re-stockpiling is not indicative of strength.

My gut is that the US economy and not individual company earnings is still the key.


It is interesting that Pimco has withdrawn from PPIP. If I were Geithner I'd be very worried that they know something that I don't know.

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