The “real” story yesterday that you won’t hear much about today was the frenzy that occurred in Washington yesterday. It was actually Tim Geithner that was considered missing, but was found later in his attic playing with Lincoln Logs and replaying the Lolly Pop kids scene from the Wizard of Oz. Treasury officials shrugged it off and Larry Summers later said “that’s just Timmy.”
The Greenwich Roundtable meets today in Connecticut, a group of hedge funds that control about $4 trillion. Bernie Madoff wanted to be there but was tied up. He did however write a nice letter describing his own strategy and he continues to maintain that just making up the returns is still the best way to go.
GE’s profit dropped 44% led by an 87% profit drop at GE Capital. GE, in my humble opinion, falls into the ridiculously overvalued category. GOOG beat the whisper and mobile search had a lot to do with it. Wish I bought it at $250.
As I write it looks like BAC misses on earnings and it is sending futures a bit lower for now.
Futures are flat to leaning down slightly and we still have a bevy of earnings to come, including WFC and MS next week.
Have a great weekend