short it, page-20

re: dow is bullish Who will be the last to turn off the light in the US?

More builders report difficult conditions - Horton report a 34% drop in Sales. This is along with KB, Tol, Lennar, Home depot and it goes on. JP Morgan is upbeat about housing and the HGX has kicked 2%. Now housing will drive the market. Interesting.

Semiconductors are out. PMC Sierra, Intel and AMD are down. Texas looks like it may be out and Apple is out.

Wal mart is not meeting targets. Fed report in July indicated that spending has been on credit linked to house equity. With house prices falling this could turn nasty.

Detroit is now out of the equation. Job losses in the area will not be too kind to local economy and regional banks. GM is in the green again.

COT indicates that the number of commercial traders long in medium to long term bonds is increasing. More economic data indicates that the GDP will be between 1 and 1.5% in the third quarter and now some economists are saying that it may be zero by the fourth quarter. The goldilocks scenario is looking very sus. and she might get eaten by babby bear.