3/23/11…reality

Yesterday’s 823 million share day was the lowest volume since Feb.14’s 817 million, lowest of the year. Consequently the range was very narrow,48 points on the Dow, and only lost 18 points, but is still well below the 40/50 day (12088/12029) and just above 12k. Support is 11087, the 200 day m/a…and TB believes it will be tested – soon! Other indices were off 0.3% or so but Transports plunged 1.3% led by the shippers (CHRW, UNP,FDX, EXPD, CNW,UPS, and R for a total of 54 of the 67 point decline!) with just three up: OSG, CSX, and LUV(barely). Advance/declines and breadth were 1.5-2x negative, but there were still (?) 181 new 52 week highs vs. 48 new lows…watch closely.

Overnight Tokyo plunged 1.7% as talk of damage exceeded $300 billion, Hong Kong flat, Europe up modestly, Korea flat, India the big winner +1.2%. Futures are slipping with the DOW -21SPX -3; NDQ -10. Bonds up slightly but long bond is p 9/16 at 4.40%. Gold on the move again, up $6.50 to $1434, $10 off the record high. Crude is $105.34 up 37 cents…thank you Qadaffi.

…the world needs help. We can no longer pray to God for our deliverance, as TB’s grandmother used to say “God helps those who help themselves,” not just ask someone else to do the heavy lifting. Think how silly it is hearing members of Congress crowing about everything in the name of religion and showing their patriotism by wearing American flag lapel pins. That is marketing, not working towards a goal: to build a better America. Ah, but we are just as bad, sitting on our collective butts while our democracy has become an aristocracy where, yes, money  does by anything…and everything.

The damage in Japan has now crossed the $300 billion mark, we have a mounting deficit and the GOP has criticized Obama for not setting up a no-fly zone on its own and that somehow being part of a UN effort is a sign of weakness. These same people shoved us into Afghanistan (for good reason), shunted us into Iraq (under either false pretenses or bad intelligence), and then wanted us to act in Libya, which would only heighten the resentment of the Muslim terrorists. We have to think before we act. This is not to excuse Obama for a lack of leadership. “We are considering all our options” has become his mantra ever since he began to regain his popularity after the Arizona shootings. We need a leader…no we need leaders, and as Lee Iacocca asked, “where are they?”

TB  will leave you with this since yesterday’s column was so long (1900+ words). You decide…you always do!

Have a productive day…snowing here…sleet last night…now have completed the Minnesota experience!

TB

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