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Dipping Toes in the Water

Today I started buying, right after Senate voted. President signed the bill, but it was clear that he would sign it anyway.

I should say that I overestimated Obama as a politician and underestimated him as a good natured human being. He could go for a default and get a lot of political points out of it. He decided to compromise instead. It might cost him White House in 2012.

To me, that's the best bill possible, politically. For economy, the best bill would be just to raise limit, no strings attached. Economy is sputtering, it needs more stimulus. And it gets austerity instead. I'd like to see one example when austerity created prosperity. Usually it creates misery, it's the whole point.

Using today's selloff, I started carefully getting money back to work. Added to positions in ARM Holding (ARM) and American Capital Agency Corp. (NASDAQ:AGNC). Both are at the bottom of the current range.

Also I closed hedge position in Aug $36 TBT calls. Surprisingly, I wasn't a total loss, as I expected.