NYSE Euronext (NYX)

[metropick]

Hey NBO - Watched the debate last night. Man o man did McCain look angry or what? Jimminie-Christmas! The thing I can't figure out is why he never mentioned his plan to cut cap gains by half and raise the deduction limit on capital losses from $3k to $5k. His "I'm not Bush" tag line was three debates too late, I'm afraid. Ultimately, I don't care who gets in the office so long as they understand and ultimately abide by supply side economics.

I also saw Henry Paulson on Kudlow last night. As the Forbes Int'l Editor had said shortly after Paulson's interview, "I give him an F" (for the interview)... Paulson never explained why he reversed his position on direct capital infusions into the banks through preferred equity stakes. Initially, he got the bailout package passed in Congress under the premise he was going to buy up illiquid assets. Now he's using over $250B of the $700B to buy preferred shares of GS, JPM, C, etc. Then he has the audacity to say he's not trying to nationalize the banking system without explaining his actions of late! Why? There was no answer given. F for the interview, short term B for his efforts to thaw the credit markets. Though, if something doesn't budge in the Libor soon, I am concerned we'll have another 1500 point attrition on the Dow.

I took profits Monday afternoon, thinking there's no possible way for us NOT to retrace... and here we are. I started nibbling again yesterday at GOOG ahead of earnings. Hopefully they won't disappoint too much. Heck, they're probably released already. I don't see much more downside in GOOG not already baked into the delapidated multiple.

Best of luck to you in these dangerous trading times!



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