excerpts from Dr. Joe Duarte's daily Market I.Q.

      

Report: U.S. Funds Enrich Afghan Power Brokers

Mutual Funds, Drunken Sailors, And What The Future May Hold

A U.S. program, designed, according to The Washington POst to "new small and medium-size businesses, building trust and spreading the wealth," is instead enriching those it was unintended to, the traditional power brokers in Afghanistan, while, according to The Post, having "created new ones."

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According to the report, the money that the U.S. is putting into Afghanistan "may have exacerbated some of the problems it set out to solve and is a major contributor to the corruption that has hobbled U.S. efforts." In other words, the U.S. is funding the opposition while the White House and Congress want to raise taxes on small business owners and those who still hold jobs.

So, here's where things stand. According to The Post: 'After eight years in Afghanistan and more than $50 billion spent, the United States still has no "no comprehensive database on reconstruction contracts" and no integrated system to track projects that are "completed, ongoing and planned," Special Inspector General Arnold Field told Congress in mid-July. President Obama has asked for an additional $20 billion in fiscal 2011.'


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Translated into plain English, the U.S. doesn't have a clue as to where its money is going, or where it's been in Afghanistan. Meanwhile U.S. soldiers are dying there on a regular basis. And the U.S. government continues to put more money there, while the U.S. economy struggles and the threat of social unrest at home rises.

To be sure, the great bureaucratic machine is now in full gear, or soon will be. The Post reports that Rear Adm. Kathleen Dussault is the head of "a new team of forensic auditors sent to examine military contracts in Afghanistan." And the admiral's assessment is not very encouraging, as she notes: ""We have the best of intentions," but "we need to look at how we're doing business."

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Technical


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S & P 500 Continues Technical Torture Inside Critical Resistance Area-Day 4


For the fourth day running, the S & P 500 has been straddling the 1100 area, give or take a few points on either side, while exhibiting lots of intraday volatility and making it nearly impossible to trade this market.

The bottom line is that the 1115-1131 trading range remains as resistance, so the burden of proof is on the bulls.

We are turning a bit neutral here, and are adding or S & P short selling ETF back to the list, just in case things get crazier before the weekend.



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We have added several new picks with outstanding technical characteristics. Consider them carefully before committing large sums in this market.




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