I simply cannot find anything that makes me believe the markets will move higher.  As I watch the AIG comedy unfold live with testimony that is nothing more than a bad reality show, I realize there is simply no hope.  Here are a group of buffoons wasting time discussing $165M in bonus money while the real problem is unfolding before their eyes.  Yesterday, we heard one economist talk about AIG's problems being $1.2T.  Now we are hearing from the horse's mouth, the problems could be as large as $1.6T.  That's a $400 billion increase in 24 hours.  I say it is somewhere between two and five trillion . . . but the only thing we really know, is that no one knows.
 
Six months ago, the AIG exposure was a maximum of $400 billion and King Henry pulled a quickie to bail out AIG . . . with the slight of hand of bailing out Goldman.  No one is talking about the billions Wall Street walked off with in TARP money . . . and is still walking off with.  No one is going after Thain, who spent $1.5 million on decorating his office with TARP money.  No one is going after Blankfein who walked off with $65 million himself . . . just one guy.  Yet they are wasting millions of dollars . . . and every TV media bobblehead is talking about the $165 million.
 
I am not going to add any new positions to our portfolios, but I think we have certainly reached a top in here at a S&P 780.  I just don't think it can go any higher.  I rarely draw a line in the sand, but I think this is a good time to draw the line.  I feel more confident than I have since last summer, that we are up against the wall, and we move lower from here.  I don't even think the markets can rally 2-3% from here.  I just think it is all over.  The fat lady is signing . . . again. 
 
This country is in trouble.  Big trouble . . . with a gaggle of buffoons posturing for attention like a bunch of monkeys that want people to throw treats.  If you don't believe in prayer, you'd better start now. 
 
Regards,
Mike
 
 
780 is my line in the sand  

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