The Krugman article was interesting. I have his audio book of the “Conscience of a Liberal.” I gave it a listen and one of his compelling arguments is that there would be no middle class without gov’t programs & collective bargaining & that when these programs are scaled back or when the idealogy was blindly laissez-faire the standard of living and income disparity were quite noticeable. I know things are not so absolute but having to choose among robber barons and Keynesians is no fun! I don’t think it has to be set up this way but the population plays follow the leader – only a remnant understand the dangers of central planning that is never checked by local customs, desire, and good old fashioned independence – monetary or otherwise. Federalist here – can you tell?

I’ve tried making that chart in StockCharts but unable to do it. Now looking at StrategyDesk to see if it has that capability.

Yes, market internals such as breadth and volume have been deep in a bear market of their own. The big question is whether or not prices will follow. Maybe the market will go sideways until earnings season begins. (Alcoa starts it off on July 7th.)

Three months ago, expectations were very low for earnings. But through the miracle of mass layoffs, many companies were able to beat the low expectations.

But this time, expectations are very high, and I don’t see how the market rallies again.

Matt

http://www.financialsense.com/Market/wrapup.htm

It looks at $NYUPV and up:down volume, comparing the start of the 2003 bull to where we are right now. I don’t see the fingerprints of a bull, but rather the footprints of a bear. Many, many of my charts are screaming beware the bear.

Rumor has it that Bernake is Goldberg in disguise. Either him or Stone Cold.

Very cool. Thanks.

When you posted that sentence as far as I remember on Thursday I thought that this is right on the spot. Like Brock Lesnar hammerfisting Ben Bernanke in his snobbish face.

Very nice and interesting graph up there. Well done. Thanks, Matt.