Wednesday Outlook: Commodities, Emerging Markets
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A really sloppy market propped higher by vested interests for their own purposes. Sometimes you just have to step aside and let them go at it. I was day-trading today and didn’t do well given the abruptness of the two-way action.
Wednesday we get more employment data from ADP plus ISM and Beige Book reports. It seems bailouts for the auto industry are imminent although doing so would be a mistake in my opinion. Let them file for bankruptcy, reorganize and restructure union contracts to reflect economic reality. Then the court appointed master could fire management.
As to major stimulus plans for infrastructure projects, I was struck by a comment read today attributed to Queen Elizabeth I who in roughly 1560 stated, “All public works projects were invitations to patronage, bribery, price gouging, creative bookkeeping and theft.” Sounds like she was on to something.
We continue to lie in the weeds and wait for a sign to safely enter positions either from a short or long perspective. Cash can be boring but our time will come if we’re patient and disciplined.
Have a pleasant evening.
Disclaimer: The ETF Digest has no positions.
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