The two latest myths to explode.

One of the real hillarities of the first six months of the Obama administration, was hearing them claim, as unemployment was rising (not initially their fault) that they had created hundreds of thousands of new jobs.

A line that could clearly never really be checked. Unless of course they were referring to the MASSIVE hiring by the federal government.

But this weeks June job report, which was far worse than anticipated, with 467,000 jobs lost, explodes, once and for all, that lie. Imagine that number, again, even with the federal government adding jobs at record pace.

The next myth was the stock market "recovery".

As I pointed out to my friends who used to be clients, the market will remain in what technical analysts refer to as a "trading range" of between 7800 and 9300 for some time.

Of course, going from 7800 to 8800 is about a 13% gain, so it seems immense.

But the market has to create a new base before it really begins to move back up. It will test the previous lows (of the old market) as it's new "highs" i.e. around 9300, a few times, before "breaking out" above that mark.

Why this is always news, I don't know.

But, unfortunately, what it does mean, is that the second half of the Obama administration will see that breakout.

As of now, we are at the beginning of the typical summer duldrums, with much of Wall St. in the Hamptons or Jersey shore, so moves can be more dramatic with lower volume. However, the range will remain.

So, there is no "Obama effect" on the market. Thank goodness this week took that one off the shelf as well.