THE ECONOMIST OBVIOUSLY DOES NOT KNOW WHAT DRIVES THE ECONOMY! IT SURE AIN’T MORE GOVERNMENT SPENDING AND HIGHER TAXES!

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FOUR years ago, The Economist endorsed Barack Obama for the White House with enthusiasm. So did millions of voters. Next week Americans will trudge to the polls far less hopefully. So (in spirit at least) will this London-based newspaper. Having endured a miserably negative campaign, the world’s most powerful country now has a much more difficult decision to make than it faced four years ago.

That is in large part because of the woeful nature of Mr Obama’s campaign. A man who once personified hope and centrism set a new low by unleashing attacks on Mitt Romney even before the first Republican primary. Yet elections are about choosing somebody to run a country. And this choice turns on two questions: how good a president has Mr Obama been, especially on the main issues of the economy and foreign policy? And can America really trust the ever-changing Mitt Romney to do a better job? On that basis, the Democrat narrowly deserves to be re-elected.

SOURCE: http://www.economist.com

HOW DO I GET A $75 MILLION LOAN GUARANTEE?

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PROVIDENCE, R.I. (AP) — Rhode Island’s economic development agency on Thursday sued former Red Sox pitcher Curt Schilling and some of its former officials in connection with a $75 million loan guarantee to his failed video game company.

The suit was filed in Rhode Island Superior Court four months after 38 Studios filed for bankruptcy after a spectacular collapse. The board of the Economic Development Corp. in 2010 lured 38 Studios to Providence from Massachusetts with the loan guarantee.

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SOURCE: http://bigstory.ap.org

FABULOUS…JUST FABULOUS…MORE INVASIVE POLICIES!

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When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate. 

As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment”. 

So why will the Obama IRS require your personal identifying health information? 

Simply put, there is no way for the IRS to enforce Obamacare’s individual mandate without such an invasive reporting scheme.  Every January, health insurance companies across America will send out tax documents to each insured individual.  This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.

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SOURCE: http://www.atr.org

kaltbaum email

Market defended at near term support…go ahead and buy any market proxy except QQQ…because AAPL remains weak…so IWM,SPY, IJR and use a break of the past week’s support as your stop. I do think it is worth it…just in case market wants to get going here…and with seasonal strength, a fed printing $40 billion/month, a few percent risk underneath is worth it.
 
As far as leadership, except for some construction stocks, not a lot just yet…but if the market can get going, things will show up. KORS is the service’s only position and still has one of the best set-ups in the market.

PODCASTS WILL BE BACK UP TODAY

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For those who listen to Gary’s show via Podcasts, we are expecting them to be up again later today. 

Today’s show should be going live via Podcast at 8:00p ET at this link.

kaltbaum email

NASDAQ futures up…S&P futures hardly up. Again, I am surprised especially with Europe and Asia being strong here…then again, I told you foreign markets were acting better than ours.
 
I have no decent buy points in growth here. In fact, there were even more breakdowns yesterday. I am just happy to sit and let things bounce to short…see a follow through day and leadership to buy. So…no man’s land here. My strong advice is to watch. This will pass.
 
Last night I mentioned gold and silver stocks. Just keep an eye on AUY,SLW and the GDX. Not sure I want to play yet but on screen.