AS,
I agree with this post. Once again a republican has a chance to really so something and instead it's just another feeding at the public trough. The last big tax cut (the gipper) cost me more money. This one just might end up as a classic boondoggle that we will have to bail out in five years. e.g. S&L crisis.
As far as this rally, here is a scenario; shorts sell, longs buy, shorts cover, longs buy, shorts sell, longs buy, shorts cover, longs buy: dow at 10700, nas at 2400, S&P at 1350, everyone runs for the door. Problem, there is no buyers: now we find the bottom; dow 5000, nas 1000, S&P 500.
2002 Republicans lose the house and senate; recovery begins.
Ward |
