WHEN ISSUED

When issued is a wall street expression of a pending new stock issue pricing or maybe a bankrupt company getting ready for reorganization....in other words....the markets start to offer a best price based on expected supply and demand.

What we are witnessing this past three weeks are the future expectations of what the global DEBT GLUT is going to look like when we really begin to experience the rolling sovereign debt brown outs...the fear factor goes through the roof....hedge funds place enormous one way bets and the public panics even more into bonds and CD's....a contrarians delight.

Super blue chip equity is cheap....the USD is now over bought.

China's remains the best managed country in the world. America the worst. China's State Intellectual Property Office said last week it issued more than 580,000 patents in 2009, up 41% from a year earlier. America... less than 200,000...less than the prior year.

China inked a $60 billion 20 year supply of coal from Australia over the weekend...largest ever commodity contract.

Smart, well run over capitalized REITS are sitting on cash ready to buy distressed commercial real estate from the banks as they are foreclosed on...one of the largest managers said last week, "The volume of properties that are truly distressed and will be sold in a distressed fashion will be significantly less than had been initially been thought."

IBD had an editorial last week, "A New Era Of Irresponsibility.....Democrats are in a major state of denial." Current polls are suggesting the US Senate could revert to Republican control in November.

What is America's Treasury doing this week? Selling another $80,000,000,000 of new debt.

Danny Boy seen here knows what he does not want to own or be short.