Diamonds and Dogs
Be Careful What You Wish ForThe week ended on a muted note, what with the historic Obamacare approval on Sunday night to kick things off. Stocks gave up early gains on Friday as it was the second straight day of lackluster follow-through by the Bulls. The Dow is now at 10,850, Nasdaq at 2395, and the S&P closed at 1166. Speaking of Obamacare, it will be important to remember that during a radio address just before Christmas 2009, the President said that "when it becomes law, families will save on their premiums." That is what he said, so we should take him at his word. Today, AT&T announced a $1 billion dollar charge because of the health care overhaul. CAT, Valero (VLO), and John Deere (DE) all announced similar charges less than 5 days after the law was put in place. We have health reform and sometimes we need to be careful for what we wish for. The stealth rally should continue next week though, as money flows into the US dollar and bond alternatives ahead of the quarter end window dressing
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