CLEAR!!!!

Halloween just behind, the election just ahead, and in the middle, the stock market, which is showing signs of life. I’m not sure of the three, which is, or was, the most frightening. Do you remember on Ben Casey, ER, or even Grey’s Anatomy, when medics would bring in an obviously dead heart attack victim, but the aggressive young doctor would proclaim “I can save him, give me the paddles, and stand back.” Then the doctor would place the paddles on the body, and hit it with incredibly high volts of electricity. The body would contort in the air, and fall back…dead. Again and again, the doctor would perform this theater. “Stand back, electric shock, contortion, dead.” Eventually, everyone would walk away proclaiming they had done their best, but the body was still dead.

Right now, the economy is that body, and doctors Bernanke and Paulson have been hitting the body with charge after charge of electricity (money.) Yet the body (economy), is still dead. No matter who wins the election, no amount of electricity (tax increases, sharing the wealth, isolationism, defense cut-backs, buying mortgages, or even elevating Joe the Plumber), will save an economy that continues its meltdown.

However, while young Dr. Kildare is working on the body, the optimism that it will generate will allow us to take advantage of many opportunities. But in the long run, the patient is dead, and the flatline cannot be changed.

Till next time,

Bill

P.S. – Long - DDM, DIG, FCX, FNFG, GE, GLD, NYB, RXL, UYM. Shorts - none.

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