Chart Art for GMCR

“Scott the Worrier” has been deaf, dumb and partially blind with PC fuckery.

As we have said before, it feels good when the powers that be want to save you. But it sure sucks when they want to put you in jail. Class warfare and the lynch mob are out and it is shaping up to be an “interesting” summer.

Today SPX 1180 held and there could easily be a bounce. But the tone and tenor has changed a bit, heh? SPX 1150 will be tested soon enough.

Because of shitty WDC hard drives, my stock and index updates will be posted somewhat late and throughout the weekend.

ps. If you live on the Gulf Coast, you can always visit the Jersey Shore for some fun and recreation with free needles from the medical waste that was dumped from lovely Staten Island.  It’s better than a mouthful of crude… It’ll be 90 degrees on Saturday! Enjoy!

Having computer problems today so posting will be limited…

an excerpt:

The government spent a year doing what they thought was right—stuffing the banks with easy money. The market rally and any economic stabilization and potential recovery were based on this financial engineering. Some would say the rescue was a necessity but in reality it was all built on economic kindness and cash. Needless to say, it was wildly successful with a market rally that roughly equals the biggest and fastest in history. But the very public attack on GS and Wall Street turns a friendly government into a hostile one. And if the markets have been built on the largess of the government then it makes sense that the era of market invincibility is over and the tone and tenor of the market must change.

Well, after a beautiful blow-off to the 13 month “engineered” rally, the markets look a lot more interesting–and confusing. When we go straight up like we have for 3 months straight, you can doubt the move, but at least its predictable.

Today, gold is breaking out, copper is on the verge of breaking down, Europe is on the verge of collapse (really) and the government has been the “givers of  pain and delight” (from the Star Trek episode “Spocks Brain”). The government made the market with kindness and cash and they have turned hostile.

This Goldman charge and the Senate hearings are a transparent way for the administration to push through Finance Reform. But its not working yet. If you want to know if the FED is political, wait for their comments later today. If they do anything to scare the market, you know Bernanke and the entire FED is a tool. I wouldn’t be a bit surprised if those “big guns” aren’t taken out and the SPX to quickly test 1150. After that body blow the doctors will tend to the boo-boo’s with some fresh cash.

If Wall Street is scared enough, they’ll buckle. Watch and see…