"If you torture the data long enough, it will confess to anything." - Darrell Huff
The struggle yesterday took the market to highs of 11,194 on the theoretical Dow, and 11,031 at the bottom. And the market held.
Stellar earnings from many companies bolstered the market around a series of banking questions, and the general fodder of Republicans vs. Democrats, with all the facts reversed.
For example, which political party has spent more money on office, built larger deficits, than the other in the past 50 years? I'll wait for your study.
Why are we surprised the government is now getting to reviewing the financial system? I'm pleased to hear Clinton admit it was Rubin and Summers, his financial advisors, that first de-regulated derivatives, and it was then the Bushy boys that just let the money flow, too busy bringing democracy to the world.
We almost hit the end before the bail outs. TARRP is being repaid.
What % of the deficit we are now all afraid of is for Social Security?
These questions lead, as the market continues to reach new highs, with no end in site.
And a few thoughts from our Blue Chip service, about where the market may lead:
-A Dow drop below 10,980 (higher than normal as a close should be a potential sell signal. This would put the S&P at 1189.
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