The Market On Tuesday

With the bottom 80% of the country accounting for less than 2/5ths of consumer spending, we understand why the country can fall to ruin and yet Wall Street can remain buoyant. As long as that bottom 80% can contribute something and be at least tiny consumers or poor little consumers, all is fine. Hey even the poor have to buy something - toilet paper, cigarettes, soda, fast food, donuts, all the things they are trained to buy, we get the picture.

At 8:20 a.m. futures are moderately down. All eyes will be on a Fed report due out around 2 p.m. The report will pat corporations and banks on the head by continuing to offer them free money and offering a hankie for wet noses crying with the news of an even smaller GDP.

Do yourself a favor, run up to a rich person and give them a $20 today. They need it more than you.

Enjoy the day, like it or not we are being forced to disconnect ourselves from materialistic attachment. The American dream died.

CNN: Stocks poised to pull back

The Fed is widely expected to keep interest rates at historic lows near zero, but investors will be more focused on what policymakers say about the recovery and their plan for propping up the economy.


Oil futures for September delivery fell $1.30 to $80.18 a barrel.