They had this guy on CNBC telling us people's wealth has increased substantially since the beginning of this year. Come on folks. I go by the Dollar General everyday. Years ago, that parking lot was always empty. Now, you have to fight to get the parking spot out there. The store is always busy now. I have even found myself shopping there. They have excellent prices.
Like I mentioned in my last blog, the credit is gone. The jobs are gone also. This economy is going to be hard to grow without credit and/or jobs. I heard the Citigroup has moved billions of bad mortgages off their balance sheet over the governments (that is you and me folks). This should bode well for manipulating the earnings report in the morning. They will create an illusion that all is well. So folks who are going in and buying $JPM are paying up for the shares based on an illusion. It's ok to trade and make money on the illusion, but just be sure to Get Out when the before the party is over. Be sure to have your stops in so you protect some of our illusionary gains.