Calm Recuperative Work
Today began with a private sitting in a motel room in Atlanta. Since no one was listening I practiced going through the sitting verbally, out loud. I had a good time last night. My guitar practice this morning was done on a hollowbody electric, so as not to wake my neighbors in the adjoining rooms. Hollowbodies are not as loud as acoustic guitars. I then feasted on Cuban food and hit the road back to Thomaston.
My mom had an outpatient surgical procedure done on her right foot today, so I have been assisting her with her recuperation this afternoon and evening.
The stock market sold off a little bit more today. The media have cooled off in their enthusiasm about Ben Bernanke’s testimony before congress tomorrow. A few pundits still say that he will give only positive, reassuring news about the economy tomorrow. (Wednesday) If he does give only good news, it will be the first time in history that a Fed Chairman has been allowed to do so in front of a congressional committee. I still insist that they will badger Mr. Bernanke into making some insinuation about the possibilities of inflation and recession. Whatever insinuations Mr. Bernanke makes will be on the front page of the Wall Street Journal the next day, regardless of what the bulk of his testimony says. In the middle of a financial quarter, this could be used as an excuse to crash the market, but Friday is the last day of the first quarter of 2007 and whatever a fund’s cumalative gains or losses are on that day will be considered to be the fund’s gains or losses for the entire quarter. This means that Friday would be an inconvenient day for Stage Two of the correction to occur.
Still waiting,
I.C.