Oct

28

                2008                 1997                                         

Date        S&P close         S&P close                                        

10/23         915                1309                                           

10/24         866                1297                                           

10/27        835                1227                                           

10/28        939                1278                                          

10/29                             1278

1. The Nikkei broke through 7000 at 22:30 GMT, a 26 year low, but closed up 6% at 7621. The last 10 day max in the S&P was Aug 11, a lapse so far of 55 trading days, the longest dry spell in history. Dax was up 10 % at 10:00 GMT today while the S&P was up 2%.

2. 99% of financial news articles have been bearish. Oat futures at a 6 year low at 219 showing horse power is still a bargain for what must be the most basic, and, one believes, the purest agricultural commodity to be. These prices are typical for all other commodities.

3. The odds for the incumbent party in the Presidential race which have almost gone off the board at 1 in 10 are so low that there is no need for the teetotum that Nock described to keep the Dow down any further. And most important of all, with the market down 30 yesterday, normally good for a VIX rise of 8 these days, it was only up 1.

4. What else?


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