Dear Jim,

What a Sunday…

1. ECB calls emergency meetings..

2. The US is about to announce what the hell they are going to do about debt ceiling…

3. China’s Trade surplus just doubled for June to 22.3 billion… which means US trade deficit must be HUGE for the month..and thus GDP will take another whack for 2nd Q

4.News comes out that the European Rescue Fund needs to be doubled to 2 Trillion…

Regards,
CIGA David