Monday, July 01, 2013

This is why we can't have nice things...

First a little market wrap-up: it was a strong day that fizzled late in the day.  This is the second time the markets have attempted to regain an important technical level and failed.  Again, I'm not a fan of technical analysis but the markets undoubtedly follow these indicators so it's worth watching as this could be a negative in the near-term (however, the shortened week and jobs report on Friday will probably outweigh any near-term technical swings).

Two stories today caught my attention from the file of "you don't get what you pay for in US infrastructure spending."

1) "Caltrans has no evidence it verified the quality of the hundreds of irreplaceable rods needed to anchor the tower of the new Bay Bridge eastern span or made sure the manufacturer hadn't left them vulnerable to cracking, officials acknowledge."  Well, you know you can't expect documentation when you're only spending $6.5 billion.   

2) Oh, Florida.  We love your beaches, warm weather and overpriced theme parks.  But seriously, when the Florida DOT misspells the name FLORIDA not once but TWICE on the same sign -- well, that's some fine work there .  

** Thanks to the reader that suggested one add on to the advice to college grads - "develop an ability to think".  That's a great addition.

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