SANTA FE, N. Mex., August 3, 2012 – We’re used to penning this column before the market opens, but, oh, well… Sunny Santa Fe runs on Mountain Time, so, even though we’re writing this at 10 a.m. MDT, that’s 12 p.m. EDT and the market’s been open for nearly half a session.
We’ve been sporadic this week, due to our semi-vacation here in sunny Santa Fe, but we’ve duly noted market swings this week, due largely to Euro-issues. The market is juiced today as of noon EDT, but, given normal Friday patterns, we expect at least a partial selloff this afternoon, just because.
The alleged reasons for this morning’s big rally include more soothing words from Europe but are dominated by a “good” employment report, which is tempered by increasing unemployment apps. The bulls, apparently, are paying attention to the former while ignoring the latter.
Bulls seem to have forgotten how often they were informed by the MSM, pre-Obamanation, that it would take many, many months of 300,000+ jobs gains for us to start making a dent in our also underreported unemployment rate. So much for accuracy in media. Job creation is well under this figure and it’s tempered by that steady drip, drip, drip of unemployment apps.
The big business news over the past few days seems to be the latest Stalinist-Nanny State attack on all things non-socialist: namely, the Chick-Fil-A brouhaha, wherein the head of that organization opined that marriage just might be between a man and a woman. This, of course, outraged various big city leftist mayors, including the reprehensible Rahm Emanuel of Chicago.
Such a non-progressive opinion, according to these pols, apparently means that Chick-Fil-A should fold its racist, sexist, un-American tent, don sackcloth and ashes, and do penance for 50 years somewhere in the desert. So much for protected free speech. All free speech is equal, we guess, but some is more equal than other free speech.
In any event, to the evident surprise of America’s elite dictators, Chick-Fil-A outlets nationwide, even including some in liberal enclaves like Boston, have been mobbed with business. Clearly this is more proof, if any more is needed, that the average American actually knows more about Constitutionally protected rights than do the Stalinist oafs who, for some reason, rule over the U.S. right now as if they were responsible to no one.
Over the long run, this should be good news, as the tide may finally be turning against the elected idiots who view foie gras and Big Gulps as a much greater threat than a nuclear-armed Iran or the fecklessness or Eurocrats. This may also serve as an indication of the way the vote may go this fall in an electorate that’s increasingly fed up with pretty much everything elected incumbents do and say. We remain cautiously optimistic.
In the meantime, our gustatory advice: Eat Chickin.
Wall Street-style investment environment remains treacherous, so keep your powder dry and don’t be fooled by these big rallies. If we get confirmation on their validity, we’ll let you know. Have a good weekend.
Disclaimer: The author of this column maintains several active trading and investment portfolios and owns residential and investment real estate.
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