The Market On Friday

Good morning and welcome to the weekend. Another week has flown by. It is 65 degrees and cloudy here in Upstate NY. I see a sun popping out logo for today, who knows maybe we see some light later on. We are damp, crusty, and irritable, its like the environment is ready to grow mold everywhere. Is this what global warming has to offer this area - long multi-week rain patterns, day after day of rain and gray. People are ready to freak, I am, I need a break, I need some sun and dryness. I'll sit in the sauna later and pretend I'm in the desert.

At 8:00 a.m. futures are moderately down, the dollar is up against all major currencies, and oil is down. At the moment the trifecta is in for the market to open lower.

So now what? We got Bernanke and Obama yesterday, its a double dose of what's the problem and what to do. Now we read about the details and find out how its not cracked up to be what its supposed to be. I listened to Obama last night, I was not roused. I know better. Would I like to see the country get moving, of course.

The GOP is in control of Congress and their main objective is to sink Obama, nothing else matters. Forget about a jobs bill.

For me the most interesting thing about Obama's speech was the camera work. Every time Obama would identify a different sector of people who are basically scrambling for subsistence, the camera would pan back to show the political leaders applauding. The big exception of course was the GOP side of the room, those guys sat there fuming, irritable, and unresponsive. I was thinking that if the camera showed how unresponsive the GOP was to a call for jobs for Vets or teachers or construction workers or whatever, that the population would catch on. The cameraman must have gotten a memo to not show the stoic GOP. How freaking manipulative and deceiving is that? That was a steaming pile.

CNN: Stocks: Economy in focus

(Obama's plan) $253 billion in tax cuts and $194 billion in new spending, the total bill for the plan is $447 billion.


July wholesale inventory figures will be released at 10 a.m. ET.