Who really knows where support is now? Charts are showing 1272, 1246, 1224 as the next downside levels to break on the S&P. If this market wants to salvage itself the S&P needs to close above 1304.

Problem is we are slightly oversold and under bought.

So the only thing one can do now is wait for a big capitulation day.

I’m still looking to buy these on the cheap: EME, PLCM, IPI, HK, PVA, CHK, SNHY, and MDR.

2pm Update~ I bought opening positions on SNHY @ $33.33-$33.46

If oil breaks above $140 p/b (with conviction) I will likely stop out of TSO (cost basis $21.70) and go long USO. Mind you USO is a tricky trade up here. We could potentially still see an overdue correction. At this point I’m not sure anyone can state anything with real conviction. Thanx {sic} Bernanke!!!

http://dekerivers.wordpress.com/2008/06/25/stimulus-rebate-checks-confiscated-to-pay-overdue-bills/

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Now for something completely different:

A city boy, Kenny, moved to the country and bought a donkey from an old farmer for $100. The farmer agreed to deliver the donkey the next day.

The next day the farmer drove up and said, “Sorry son, but I have some bad news, the donkey died.”

Kenny replied, “Well then, just give me my money back.”

The farmer said, “Can’t do that. I went and spent it already.”

Kenny said, “OK then, just unload the donkey.”

The farmer asked, “What ya gonna do with him?”

Kenny: “I’m going to raffle him off.”

Farmer: “You can’t raffle off a dead donkey!”

Kenny: “Sure I can. Watch me. I just won’t tell anybody he is dead.”

A month later the farmer met up with Kenny and asked, “What happened with that dead donkey?”

Kenny: “I raffled him off. I sold 500 tickets at two dollars a piece and made a profit of $898.00.”

Farmer: “Didn’t anyone complain?”

Kenny: “Just the guy who won. So I gave him his two dollars back.”

Kenny grew up and eventually became the chairman of Enron.

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How many members of the Bush administration does it take to replace a lightbulb?

The answer is 10.

1. One to deny that a lightbulb needs to be changed;
2. One to attack the patriotism of anyone who says the lightbulb needs to be changed;
3. One to blame Clinton for burning out the lightbulb;
4. One to tell the nations of the world that they either favor changing the lightbulb or support darkness;
5. One to give a billion dollar no-bid contract to Halliburton for the new lightbulb;
6. One to arrange a photograph of Bush, dressed as a janitor, standing
on a step ladder under the banner “Lightbulb Change Accomplished”;
7. One administration insider to resign and write a book documenting in detail how Bush was literally “in the dark”;
8. One to viciously smear #7;
9. One surrogate to campaign on TV and at rallies on how George Bush has had a strong lightbulb-changing policy all along;
10. And finally, one to confuse Americans about the difference between screwing a lightbulb and screwing the country.

GLT

by GW