Take profits while you can, August 21

I am using this opportunity to take profits. Many stocks that were down 10% and great buys during the last two weeks are up 4% today. 14% gains in a few weeks are too good to pass up.

We are going to hear a lot of painted pig sales talks now because now even when nothing changes they say it is going up relative to last year. If something went down 10% at this time last year and this week this year it went nowhere (zero change)... they are reporting that the weekly indicator went up 10%. During the decline last year we pointed out they were making things look worse by comparing to the previous years gain. This time they are making things look better than they are. You just cannot believe anything GE/MSNBC/Pravda and Bernanki say. New home sales are awful but a 9% tax credit is making the foreclosures sell. That is very fine but not the golden ring. The month to month rise in home sales is the best in ten years but look where it is coming from. We had thr worst decline since WWII.