Some Leadership Appears

Late yesterday afternoon the Senate voted in favor of releasing the second tranche of the TARP money. That ensures its availability as a vote by both houses of Congress was necessary to stop the release. Obama showed a bit of leadership in getting his party to go along, in face of continued public wrong-headed opposition.

So Obama gets something done even before becoming President. This leadership should help get the government, the economy, the public's perceptions and outlook on the right path again. That's a the crucial element of the Obama Fund strategy.

So as long as Obama and his team read this blog and do what I tell them, the world should be OK. [joke]

BAC gets more capital and a loss cap on the Merrill Lynch assets. The BAC shareholders pay the price with a dividend cut to one cent and executives get a pay cap. Why is Ken the Cad in love with John Thain, who sold him a lemon ? That seems unnatural.

Markets

Yesterday's reversal counts as a hit for the good guys, a win for the forces of light, or however one puts it. Let's see if that makes an intermediate term low. If so, the lows of the fall will have held and a positive chart formation will emerge.

If Obama gets some momentum going, a bull market might develop. Certainly huge amounts of cash are on the sidelines. All that money pulled from hedge funds might find its way to productive investments.

I'll look at charts today to see if some Obama stocks merit adds. Yesterday I did buy a bit more TLF - very thinly traded, use limit orders on that one. I'd like to go 150% in Obama Fund today, if I can find meritorious adds.

In a separate very long term account, I also bought some AAPL and some JPM.

Word of the Day

"Chrestomathy" - noun [$10] (accent is on the 'stom')
Chrestomathy means 1. a collection of choice passages from an author or authors (H. L. Mencken's definition); a selection of passages used especially to help learning a language.
Sentence: Bunkerman is laboring over a Descartes selection in the chrestomathy titled "First French Reader", a Beginner's Dual Language Book. Descartes is interesting, but hard. His long sentences have strings of "que" and "de" which have alternate meanings and usage. One single line had three instances of "que" - arghhhhhhh.