Thoughts

The S&P closes at its high, on news from Research In Motion and Oracle.

The narrow advance continued throughout the afternoon, serving to shake out the bears!

There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.

-- Lawrence Livingston, from Edwin Lefèvre's Reminiscences of a Stock Operator

What to do now?

Maybe nothing.

No QE Next Week?

Well-regarded macro strategist Medley Advisors is out saying no quantitative easing next week.

Bonds are certificates of confiscation.

Bonds are certificates of confiscation.

Buy TBT

Emerging trends in New Jersey and around the country will serve as a brake or governor to economic growth.

The indigestion/fiscal imbalances at our state and local governments have been a recurring theme (and nontraditional headwind).

I try to differentiate my commentary by solid logic of argument and analysis. I attempt to avoid reporting the obvious; I presume anyone reading out there is sophisticated and already knows which groups are working and which are not.