Right Wing Nut Jobs

I’m back from a weeks vacation and it would appear that Obama and the Democrats are going to cave in to the right wing nut jobs who have paralysed the markets.  In spite of his (Obama’s) rhetoric “if not now, When” his mushy Senate leader, Harry Reid is crafting another stop gap piece of crap that will push the problem down the road a bit.

See article here on the bigger picture:  

 http://www.guardian.co.uk/politics/2011/jul/24/vince-cable-us-debt-rightwing-nutters

Also, in looking at my emails for the past week, the July 15th Mauldin letter “Back to Basics” is a good read.

Technical Market Updates:

Long ETF’s:  SPY, TLT,GLD,XLY,IYR,FXY,FXE,IEV

Short ETF’s:  QQQ,UUP,MOO,DBA,XLE,XLF,SMH,FXI

Long Futures: Soybeans, Sugar, Gold, T-Bonds

Short Futures: Corn, Wheat, Cotton, Cattle, Feeder Cattle, Hogs, Silver, Copper, Dollar, Crude Oil, Heating Oil, Natural Gas