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Another Turkey Day By Charles Payne

I hope everyone had a great Thanksgiving, and if you want to avoid indigestion, don't look at the market today.

Europe is in 100% chaos at the moment. The meltdown is at a point where maybe there is no return or slowing it down. I get the notion that when stuck in quicksand, its best not to struggle. Maybe that's why Sarcozy has agreed to stop pressuring the ECB to print more money and why Merkel has made it clear, again, she isn't backing a Eurobond. I suspect over the weekend something akin to a Grand Plan has to be hatched with a path to approval etched into something softer than stone. In the meantime, 2-year yields in Italy hit 7.814% today, which essentially is a crash.

I suspect Italy will have some kind of plan on Monday, as Mario Monti (who defused the ECB situation) is putting together a team of non-politicians to get the job done.

It's hard not to believe the US will have to come to the rescue in some shape or form in Europe, although considering we can't put out our own fires, how could we help anyone else? Why would we help anyone else? On those videos (a few still do live presentations) on airplanes they always say when the oxygen mask drops down to do yours first then, help those around you. Of course the mindset that we are all citizens of the world could prevail at the White House, although leading from the sidelines is the modus operandi that probably continues.

I still think the selling is exaggerated and masks great individual opportunities, but this market turmoil can change fundamentals at some point.

Google Is Out

Google is giving up on its alternative energy dreams. I think Google was involved in alternative energy in part to shore up the administrations push and add private sector legitimacy. But it was really odd to see this company plow money into solar panel companies (one of their big plays lost out on a giant contract in September), although tax breaks and fending off criticism probably made it economically smart. Google sucks up more energy than most other companies and some countries in the world.

Google has also thrown in the towel on finding an energy source that would be cheaper than coal. This isn't stopping the EPA from running amok.

EPA is in

You've heard about the EPA running amok, and soon people in twenty-seven states will actually get a chance to feel the wrath of this agency, which is wielding the Supreme Court interpretation on the Clean Air Act like Thor wielding his hammer. Get ready for two new rules in the war against coal that will cost America jobs and money.

According to some opponents Utility MACT, which requires the removal of mercury and other toxics, could cost the country 1.4 million jobs over the next eight years.

Then there's the Cross-State Air Pollution rules that call for retrofitting coal plants for greater protection from sulfur dioxide and nitrogen oxide. Forcing rapid retrofitting will send the average electricity bill up 11.5%, but for some customers as much as 25%.

These draconian actions are being taken under the guise of a medical emergency. Countering the contention by a coal industry trade group that the two new rules will cost coal-fired power plants $180.0 billion, and the EPA says it would rise up to $290.0 billion in annual health and welfare benefits (who needs a new healthcare law with numbers like that?) in 2014. These lofty numbers are all assumptions that include prevention of 36,000 premature deaths, 26,000 hospital and emergency room visits and 240,000 cases of aggravated asthma. With numbers like that $180.0 billion seems petty.

The thing is that the numbers from the industry are hard and fast, not the wild assumptions used to cover the fact this administration hates coal, gasoline, and even natural gas. In an interview Barack Obama said, "under my plan of cap and trade electricity rates would necessarily skyrocket" http://www.youtube.com/watch?v=HlTxGHn4sH4.

And later that year Joe Biden said there would be no coal-fired power plants in America, only in China http://www.youtube.com/watch?v=iJ55UzAsp6M.

The thing is that utility companies are okay with cleaning up their act as this is something they've been doing for years, but the rollout of these rules is too draconian.

Today's Session

It's a half day and equity futures have rebounded, but it will be hard to see an up session. I wouldn't force the issue, but make sure you have some cash. Our Portfolio Approach report has asked for 16% for a few weeks.

There will be no afternoon Hotline. Have a great weekend.