Reply #10: I hope you have a great day folks.

[ozymandius]

Something smells funny at this pre-session hour. The feeling I get is the same as opening the fridge and finding a plastic container holding a mysterious item. I don't remember what it is or how long its been there but it's a safe bet that I do not want it anymore. Much the same with many stocks today: they smell and look funny.

The bond market smells funny too because of withering faith in the US government's ability to cover its long-term obligations.

Even better: the Fed appears poised to hold interest rates until the middle of next year. Correct me if I am off-base here, but if rates rise by next summer I believe it stands to reason that the impact of such a move would spur a negative ripple effect and effectively dash Bush's election hopes. Agree? Disagree?

I'll be listening to the news updates for word at the Casino.

Be well folks.