Imitation Is The Best Form Of Flattery
On August 12th, I wrote:
“The bullish view is that the market is pretty oversold now. As a matter of fact, the McClellan Oscillator is just about where it was before the July rally began.”
Then, four days later, on August 16th, Jeffery Saut of Raymond James wrote:
“Indeed, the McClellan Oscillator traveled into oversold territory last week and is almost as oversold as it was at the end of June, as can be seen in the attendant chart. Recall, an oversold reading from the McClellan Oscillator telegraphed the July rally.”
I may only do this for a hobby, but my memes do get around the industry, do they not? And it was a good analysis too. The SPX did indeed rebound off of that oversold condition, rallying up to 1100, even if it wasn’t able to subsequently hold onto the gains.
Obama’s Deal with Iran
Since CNBC is owned by a prominent member of the military-industrial complex, GE, you have to expect to hear a lot of war-mongering on the channel. And last week, Larry Kudlow was demanding an attack on Iran’s Bushehr Nuclear Power Plant before the Russians fueled it up. But it didn’t happen. At the same time, the media was reporting on the massive withdrawal of US troops from Iraq.
Do you think that it’s a coincidence that both events happened at the same time? I sure don’t. The Shi’ite militia were very well-behaved as the giant conveys rolled through their territory, were they not? Not a single IED exploded, so far as I’ve heard.
I think that it’s pretty obvious that Obama made a deal with the Iranians: we won’t strike your nuclear plant if you call off your militias in Iraq as we withdraw.
I mean, look at Bushehr. It’s just sitting right there on the coast of the Persian Gulf. How hard could it be for an American or Israeli sub to sail into range and launch a volley of cruise missiles at it?
So, it looks to me that Iran got its nuclear plant because it was dealing from a position of strength. Iran is the regional power in the Middle East, and the country which needs containment. But, in a gigantic strategic blunder, we have destroyed their two top enemies: Saddam Hussein and the Taliban. And now they are flexing. It will likely only be a few years before they control a large chunk of Iraq, and the Sunni nations like Saudi Arabia feel an urgent need for nukes of their own.
Akismet Comment De-Spamming
This blog gets a lot of comment spam, which you never see because commenters have to be approved by me before comments show up on the blog. A while ago, I tried to use the WordPress “Akismet” comment filter to automatically block the spambots, but it made too many false positives. But due to a barrage of spam from a certain malaria-infested, Third-World hellhole, I switched it back on a few days ago.
They must have improved the algorithm because it is working much better this time, and has only made one false-positive. There is another anti-spam plugin that I might switch-on in a few days also. In any case, you probably won’t notice anything. However, if you type a long comment, it’s a good idea to copy it before sending it. If your comment just disappears, or says “held for moderation” or something like that, make sure to send me an email – otherwise I might not know that Akismet is blocking you.
If you use your already-approved name and email address, and type original text, then you shouldn’t have a problem. However, if you just copy-and-paste some text from another site, Akismet might think it is spam if it has seen it posted frequently on other WordPress blogs.