1. DOUBLE DIP: THE SURVIVAL STOOL

I have been writing Morning Notes for 7 years now. Every July 1st through 4th I try to write on the obvious. That is the celebration of Canada Day north of the border and on Independence Day of Canada’s southern neighbor.   Having been born in Colombia, raised and schooled in Canada and now residing in the U.S., I have a uniquely “pro-America’s” view of the world.   There is no doubt in my mind that we will resurrect ourselves from the perilous economic shoals on which we have run aground.  But it will take time, and cohesive non partisan action. 

This week most observers believed we would see equity window dressing for 2nd quarter end.  By that I mean that we should have seen a stock market rally. But as you know by now equity markets in the U.S. (and I might add around the world) have broken down.  Luminaries such as Richard Russell believe we are now beginning a dark journey to much lower equity levels.  9800 on the Dow Industrials and 4400 on the Transports was crucial.  Yesterday those market unraveled lower.

….read pages 2 and 3 HERE