The Market On Monday

Good morning. It is 62 degrees and with a promise of sunshine here in Upstate NY. I hope you had a good weekend. We had a productive weekend, the rain on Sunday curtailed work on this old house. Still we got a lot done. A close acquaintance is preparing for a marathon run, I am the portable water person. I follow along on my bicycle, listen to NPR, and provide water as needed. I'm also in charge of security...

At 8:10 a.m. futures are significantly up, the dollar is mixed, and oil is up in price.

Allegedly investors are pleased to see that Tripoli has fallen and Gadhafi is getting the boot. What kind of a countryman would allow his people to suffer the turmoil of a civil war over their own preservation as the leader? Gadhafi is a monster, end of story. I'm happy to see him go.

Investor minds are advancing to Friday when the leader of the free world, Bernanke, will whisper deep secrets about our economy. At that moment investors will be spellbound. Their attention will be immaculate and crystal clear.

I'm still leaning towards recession. I would encourage you to listen to the clip posted directly below. In it you will once again hear an admonishment of the Ultra Rich Tea Party GOP. The admonishment goes something like this - do not be concerned with balanced budgets now, that can come many years down the road, now we need stimulus, we need jobs now, not austerity and balanced budgets. Balanced budgets and austerity will kill off the economy.

Incidentally turns out that most of the new Tea Party GOP Congress types are multimillionaires. Taxes anyone?

CNN: Stocks poised for a bounce

...on Friday, when Federal Reserve Chairman Ben Bernanke will give his keynote speech at the Kansas City Fed's annual retreat in Jackson Hole, Wyo.


"It looks as though Gadhafi's regime is about to collapse, if it hasn't already...That's helping markets in Europe, particularly the energy sector, and also U.S. stock futures."