Intraday comment...

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Assuming the market gets to that 672 today and finds support, this does not validate my hunch on a tradable bottom call from 644-672 area. Remember, we need capitulation, not numbers on the SPY.  No one is jumping out of windows yet.  When you see things like XOM down 3% you know forced selling is among us.  The jobs number tomorrow could prove to be the 'cattle-lyst'.


This message was brought to you by the United Cattle Butcher's Association


Gloomberg (Update2) - Ron Smellyfinger, President of the United Cattle Butchers Union, announced in a statement Wednesday blaming the rapid decline in Live Cattle on the Chick-fil-A advertising campaign.  ``They aren't even open on Sundays'', says Smellyfinger, ``what kind of resteraunt is that?  At least we would continue to pay our workers for Sundays regardless if they are working.''.    Smellyfinger also criticized the government for the incentives that have been given to foreign chicken farmers, primarily to locate their chicken houses all  over Mississippi.  ``It seems strange that we give incentives to our competitors to come here and compete; but at the same time we're willing to walk away from an industry that is the backbone of Nebraska''.  Smellyfinger also hinted that Warren Buffett might have collected several billion dollars in premiums from puts he shorted on Cattle several years ago.  ``Cattle and Omaha are like peas and carrots and I guess he figured the value of cows could only go up'', said SmellyFinger.  ``They poop methane, surely that has to be worth a point or two?"  Calls to the Oracle of Omaha were not immediately returned.  

UPDATE: UCBA seeks access to TARP; Barney Frank considers a new bill to aid Butchers who are underwater in their homes.