UN able to see the Obvious

We continue to be astounded at many who believe we can have "capitalism
without failure" and that socialism is ok or better...and simply higher taxes will cure their hope problems. Smart business people understand that is not how it works and they have essentially closed their business books for the balance of 2012. No more hiring, no more risk taking or unnecessary capital expenditures.....just buy back more stock and maybe raise the dividend a bit...pay down some more pension liabilities....oh yes and guide estimates lower for the balance of the year and next. We have already seen a few of these pre releases.

Continued record outflows from equity ETFs, since 2007 $350 billion (and into bonds ..over $1 trillion) and negative sentiment in gold/ oil suggests a market reversal is in order.

Iran is now like a caged animal... cut off from the rest of the world.....and the media reports nothing. There are material ramifications here.

A smart money manager says "if you look back over the past 20 years, the market's been cheap 10% of the time." Sooo many warning signs are pointing to a pending recession....did you know the chemical industry supplies product to 96% of all manufactured goods...and their order book is now down.

We are in an extremely rare "luffing into the wind" scene for most everyone in the business of running a company and investing other peoples money....until the elections are over and the new power takes hold (globally) it is risk off as they say.

Danny Boy seen here shaking it off.