A Myriad of Complexity

The market again suffered a complete free-fall, moving the theoretical Dow lows of 9814, just near the Fibonnaci retracement we have used time and time again.
As this bottomed, and after obvious futures news in advance of down movements worldwide, we just sat back. We weren't in on the put, and many traders took second entry to the OEX July 500 C, averaging cost.

And several Advanced Mentoring students who were "dual trading reported" 86% returns on OEX JUL 17 2010 490.00 PUT in yesterday's trading.
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June consumer confidence is reported today. The World Gold Investment Congress takes place in London. Tomorrow, the SEC (Berrnie's buddies) will vote on a rule that will prohibit "pay to play practices."

And the second quarter ends. Today Obama meets with Saudi Arabia's King Abdullah.

Someone might want to investigate how much investment Aramaco (Saudi's oil company, the Senior Bush on the Board, had in the BP oil drilling, and how much they have with other companies.

It is a myriad of complexity.

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Advanced Mentoring client MR always reads my "Floydian Rants" and does his research. On my last rant to the Tea Party's, created by Karl Rove, I noted that these idiots handed out The Constitution before each meeting, as if it were the Word of God. I pointed out one of the dudes that wrote this might have had good theory, but.....

"I read up on Jefferson (based on a Floydian Tea Party Rant) and found out things like: Jefferson was again slavery in theory, but was so in debt that he could not afford to free the ones that worked for him - and never was able to escape that within his life time. Interesting that the virtue of life long indebtedness was already instilled by the 1700's. Seems like we need to keep searching our history books to find how "it ought to be." Maybe in truth it never really was "how it should be" which wouldn't be all that surprising, after all - we're human - and awfully dishonest, unfair, and brutal to each other historically....I see there is more. Reportedly fathered some children to one of his slaves. Allegedly questioned the existence of God. He diverged greatly from the orthodox christian views of the day. Seems like he was rather liberal in some of his thinking. Died broke, the only reason he wasn't evicted from Monticello was because of his stature as a politician. He was in France during the drafting of the constitution, fine dining and having his slave trained as a french chef."
There is good reason for my angry rants. Much of our action and reaction as a nation is based on propaganda, and false facts, and as innocent citizens just "working and living" we don't fathom the details of the dishonor, or the deceit. Sadly we are obese nation reading at an 8th grade level, watching TV 2.5 hours a day or more, and believing FOX news or any extremist, right or left, that "plays well."

This is true in the market also. Some stocks "market" well, and have a brand. Some stocks follow few chart patterns and live on "innuendo and hype." And Dow projections, support and resistance, and pivots often get caught up in the volatility that is created over exposure. Think carefully about these statements, and when I rant, recognize I am acting again as the provocatuer, and helping to fight false facts.

Allan Abelson says it well: " Mr. Obama was NOT the agent of the credit crunch or the Great Recession. But voters thought he would get things cracking again."

And that alone is our issue....things are not better instantly. We can't go back to the way it was. Thusly, he's probably not an American citizen and should be impeached.