Mephisto,
After watching the market action Friday, I went over to the local Schwab office and turned in an application to upgrade my option account for selling uncovered options. Friday was a good day to be using that strategy, I think.
On interest rates: The major inflation back in the seventies was in part caused by a monetary policy that was too accomodating. And an over-inflated stock market is one of the signs of easy money. That is why I fear the fed will raise rates, possibly before the election. I could be wrong.
It seems like a miracle, our weather here in Southcentral Alaska has turned cool and cloudy, with scattered showers. The fire crews are mopping up after the big fire north of town, and they expect to have it controlled by Monday night. There were many amazing feats of derring do. Three guys on Big Lake scrounged up a bunch of equipment and mounted a pump on a large boat, so that they could shoot a stream of water 150 feet. They cruised around that large lake fighting the fire for several days, and saved many structures.
Iditarod sled dog race champion Martin Buser stashed his dog team on an island, then raced to the nearest fire station when his house was threatened. No one was there, but he found a pumper loaded with water in the garage. Unable to figure out how to open the garage door, he started up the truck and smashed down the door with it, then roared off to save his house!
Many, many others fought for days to save their homes. This was possible because many of the homes are on lakes, which provided water and a source of refuge. I am glad this is over now. The authorities were preparing contingency plans to evacuate 10,000 people to Anchorage if the fire had advanced on Wasilla.
-Greg |
