Brainstorming for Tuesday

1. The correction has started ( usual trouble around the big handle 1000) but not the real one as too many are looking for one - plus the technical picture is not ready yet. We need to frustrate the bears a bit and to get more reluctance into the game. Big tops and lows always start unexpected and the market is a bit of a whore at extreme points and screws the clients.

2. People are sure though that the depression has been beaten - a more general reluctance we have - no one sees new lows - except a handful including me. Delinquencies are making new highs with 25% negative equity right now ( and Deutsche Bank seeing 48% coming) and an unbroken trend. The fundamentals of banks are still imploding. Any idiot who speaks of an 'exit strategy' for central banks is even a fool or want us to believe the emperor has clothes.

3. The Obama admin will loose a lot of credit going forward as Ms Clinton has proven she is not fit for her job so are many of the Clinton gang rehired not really fit for anything but self-promotion ( but that is true for almost all DC - they work all for the same master). If we have any prove by now is that MBA's from which school they may be cook with water. They did not see it coming and they do not have solutions. Printing money is a solution a golden retriever is fit to do as I heard yesterday at Bloomi Tee Vee ( Bloomberg had a lot of pretty ladies hired recently and they have to show their bodies now - sex sells) and that in Texas they have the most sex ? ( wonder how they do that with all the overweight). Though he hired some capable second tier guys (Obama) - that were the ones not dictated by his sponsors.

4. The Bilderberger agenda is moving swiflty as the US can now in the sake of 'terrorism see any European bank AC's plus bank secrecy in Swiss and Lichtenstein are undermined. One of their goals is complete control of money flows and taxation. the top priority of IMF lending programs is to enforce taxation in those countries as the IMF is due to get the Global Central Bank.

5. Steinhardt a contrarian HF manager reminded me of the longer perspective - do not get fooled by the noise of all the smartpant guys talking on Media SPX has to hit the 500 mark before we have had the real low. Buffett is a lucky old man who has wisdom but lost the grip as he said the market was value exactly at today's levels a few months ago. They said what is true nothing has changed at Wallstreet they have not humbled down and their buddies from DC just make some populist noise but homeowners are at the worst point and still no rescue insight. all the tax trillions were just to fill the pockets of Wallstreets even Barney Frank admits.

4. We are now in the phase before the storm comes it will even look brighter at some point but a funny quote I read yesterdays describes the picture

' starting to see light at the end of the tunnel...and is hoping it is not an oncoming train!

well I am afraid to say its a train who will be very unpleasant passing by.