Welcome new reader!

Financial news I consider important, with my opinion, which is worth as much as you paid for it.
Please click HERE to read a synopsis of my view of the financial situation.

Wednesday, January 27, 2010

Obama

I didn't get to hear the entire Obama speech yet, so I may follow up with a more definitive commentary.

In general, plenty of programs to help the economy.......through the government once again stimulating the economy through more deficit spending. One of the things I heard Obama say was cut taxes and raise "Fees" for the big banks.

Frankly, it sounded like to me a hodge-podge of buzz words with no comprehensive plan to make the US stronger by reducing the dependence on deficit spending.

I did like hearing ending tax breaks for companies to move workers outside of the US. That should have never been the case anyway. What country except the US pay's its corporations to off-shore work? There may be others, but I doubt its above single digits.

The upshot is the market may move quite a bit up, gold may find a near term bottom, or the open could be up and quickly turn. It really is, as always anyones guess whats next.
The level to watch is S&P 500 (SPX) stays under 1150, if that breaks, the chartists will say markets are going up.

Good luck

No comments:

Post a Comment