Our Lady of Slovakia AND "I Went to an AA Meeting"

8:3746 PM

It was a day of waiting. “Much Ado About Nothing” as a great poet once said. The DOW was down a few points, the VOLUME was down. And at the end of the day we got a little news. But we'll have to wait to see what the market thinks about it all.

“Our Lady of Slovakia”

Seems the politicians there were all schooled at American Congressional training facilities. To think that a monstrous (sarcasm please) country like Slovakia can hold up a deal for all of Europe's salvation is but one small problem with a unified currency and no political structure for that unified currency. Yes, the Slovak Parliament rejected the plan to expand the European version of TARP, called EFSF. The politicians there are playing the same game our Congressman play. It's a rather old game called “Flirting with Disaster”.

Sing this next 4 lines to the tune “Garden Party” by Ricky Nelson

I went to a AA meeting, to reminisce with my old friends
A chance to share old memories and praise our earnings again.
When I got to the video conference call, they all knew my name
No one recognized me, I didn't look the same~

Yes, seems no one was giving up drinking at this meeting. Nope, not when the meetings speaker told his story. Everyone hoisted a glass and said “Pfffffffftttt”. Yes, Alcoa, the icon that officially kicks off earning season is down after hours. (As are the rest of the attendants of the AA meeting! Someone please get these people some coffee!)

The Charts

Not much to say. A nothing day on nothing volume. Just watch your P's and Q's. The charts don't look happy but a EFSF work-around could change all that and spell RALLY!

CURRENT MARKET TRENDS

Long Term (Weekly Chart) – Sideways (Trading Channel)

Medium Term (3 day chart) – Sideways (Trading Channel)

Short Term (Daily Chart) – Down