Not much is going on. And I slept in.
The SEC meets to discuss revised short selling rules. But they aren't talking about derivatives or market maker exceptions or anything else vital to the success of the regulations.
A Chinese ring to supply Iran's nuclear program is uncovered. What a shock ! Gosh, and China opposes sanctions on Iran and North Korea. Russia and China just can't seem to get away from the old behavior patterns of the Cold War - the endless monkeyshine* to create problems for the free world, particularly the US. [*a recent Word of the Day]
Alcoa reports problematic revenues and earnings. That's no surprise from a a firm with chronic problems and poor management.
Good pullback yesterday and futures are down this morning. I am waiting for this correction to run its course to make some re-adds in all my funds.
Word of the Day
"Deracinate" - verb, transitive [$10]; literary
Deracinate means 1. to tear up by the roots; 2. obliterate, expurge.
Sentence: Today's SEC hearing on short selling and its neglect of credit default swaps is a perfect example of why the entire system of financial regulation must be deracinated and created anew as a rational structure.
Le Mot du Jour
"Exiger" - verb, transitive; regular -er conjugation like manger
Exiger means to demand, to require, to insist on (qch de qn - sth of/from sb)
Le Phrase: Le gouvernement exige trop d'impôts de l'homme du bunker.
Sentence: The government demands too many taxes from Bunkerman.