I'm one of the millions of Americans who chooses not to purchase health insurance. Shutdown or not, law of the land or not, IRS or not, I'm still not going to buy it.
I don't want a co-pay so I can run to the doctor when I get a sore throat. I don't need a pharmaceutical rep posing as a doctor to give me a pill for everything.
If you thought the NSA spying scandal was big, wait until the government has unfettered access to every aspect of your life in return for an entitlement called "affordable health care."
The best thing is to let this disingenuous law fall under its own weight. Let it implement and fail. And let the president own it.
That is probably why futures are up today. Because the bottomline in the real world of dollars and cents is that this health care law, with all its exemptions for special groups chosen by the president, is already a failure.
Whether the market stays up is doubtful, because one has to be rather creative to count a clean impulse wave off the low. But there have been many such occurrences since 2009, so it could happen. Getting above 1692.98 would be the first indication.
Or, the market could bounce hard up to around the 1707-1710 area and then make another sloppy three-wave decline into the 1660 or 1650 area.
Someone plunked down $1.1 million yesterday betting that yesterday was the low. They bought 20,000 SPY 180 calls expiring in December. I know this because I was bidding all day on the same ones. Let's hope we're right. I'll buy more if I'm wrong.
I'll buy more because I choose to.
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