Today, I actually have something to say so the market overview is going to be quick.

Asia
Nikkei => 7,568.42, +110.49, +1.48%
Hang Seng => 12,811.57, -83.37, -0.65%
Straits Times => 1,594.87, -22.57, -1.40%

Europe
FTSE => 3,830.09, -85.55, -2.18%
DAX => 3,843.74, -98.88, -2.51%
CAC => 2,702.48, -42.36, -1.54%

U.S.
Dow => 7,062.93, -119.15, -1.66%
Nasdaq => 1,377.84, -13.63, -0.98%
S&P => 735.09, -17.74, -2.36%

My portfolio:
AMD => $2.18, +0.09
AMD DG => $0.10, unchanged
F => $2.00, +0.02
HRP JZ => $1.50, unchanged
NLH JZ => $1.55, unchanged
NG => $2.86, -0.07

When President Obama revealed the initial steps taken by his economic budget committee, he addressed agriculture, energy, unemployment, benefits, taxes, industrial waste, health care, and education. That is a lot of information at one time. It definitely says a lot, but it also leaves out a lot. The only way to get that information is to actually sit by and read all that information and I am not one to do it. But I will give you my opinion.

The biggest pro that the media is failing to see, that I believe Pres. Obama wanted to get across is that his administration did hit the ground running. As mention above, a lot was addressed in a short a short address. However, that is also one of the biggest cons. Too much at one time.

In addition to there being too much at one time, it also, as has been the norm, failed to go into substantial detail about the positive moves that have already been taken. Sure, he mentioned an increase to the COBRA health care benefit, as well as the unemployment pay benefit, but beyond that Pres. Obama went into generalities about the other positives in his budget plan.

I believe there should have been more detail given about how his administration is promoting the development of the wind and solar energy industry. Pres. Obama failed to elaborate on how his administration is going to create jobs to fulfill the reforms to agriculture, health care, and education that he mentioned. By failing to elaborate on those programs, the word "cut" stood out more as a negative.

The cut to the tax deductions of those making more than $250K stood out as a negative, that all of the media personalities, took as an attack on them. That was all that was needed to get them on the offensive. Today, several media outlets, like CNBC and the New York Post, railed against this budget plan. Because they are the ones that are the means of disseminating the news to the masses, they are going to skew the information in their favor. They are going to focus on all of the possible negatives that could result.

The cut to the health care programs and educational programs that do not work, should have been reworded. Because of the wording, the health care sector took a hit and dragged the market down. A better way to have worded it would have been to say that "the funding of health care subsidies will be redistributed to more effective programs to create jobs for the American people", or that "the funding of failing programs will be added to the budget to accomplish the electronic medical record keeping program." Anything along those lines would have surely reduced the hemorrhage of the sector.

Two things that seem to be the biggest issue are the cutting of taxes and the closing of the loop wholes. Sweeping changes like that without explaining how that helps the economy only adds to the economic decline. The mentality of the "rich" is that if they can't reduce the money they pay in taxes by some sort of means, then where is the incentive not to hoard it? In order for the "rich" to feel comfortable letting go of the cash, tax deductions for doing so are needed. It would have been better to say that "the tax loop wholes that allow businesses to export jobs will be replaced with deductions for creating jobs in the U.S."

The need for the government to spend billions per project to stimulate the economy with a resulting price tag in the trillions is unnecessary. The private sectors are already equipped and innovative enough to do it on their own, they just need the incentive and capital to do it. Have all the project proposals that the senators and representatives want to accomplish put on a government website, where U.S. based businesses can read them and apply with their business plans and bids to do them. Let the incentive for them to do so be government funding, and tax deductions for hiring U.S. citizens and residents. Then lets see if you don't get bipartisanship in congress. I am confident that you will.

That is my opinion, you can take it or leave it.

Disclaimer: I am not a stock broker; I am not a financial advisor; I am not recommending to you what to buy or sell. I am just an opinionated investor. If you decide to follow in my footsteps you are taking risk. It is inevitable that I may be wrong. So if you are going to follow in my footsteps that is your own personal decision. I am not responsible for any loss that you may, and probably will, incur regardless of my opinion.