Interesting market. Earlier in the week we saw John Corzine commingle client funds and buy tons of Euro debt. This comes on the heels of his abysmal interest rate bet at Goldman and his awful “let’s stay long Russia and the ruble” after it was devalued back in the day. I believe the interest rate bet caused a hit of about 80% to Goldman’s desk. This $MF mistake may cost him his freedom. Who knows? We will the Fibbies decide. Let’s not forget how he brought New Jersey to it’s knees and choked it with debt and death by entitlement. Waiting for CNBC to give him his own reality show. He was one of their favorite sons. I hear crickets in the mainstream media on this one. Crickets.
We came to work Monday and were thrown into a can of whoopass as Greece decided they didn’t want to play in the sandbox with their Socialist brethren. We had a follow through day to the down side yesterday.
Today The Bernank just restated the obvious with his blah, blah, balah…yes we have a tool box and yes we will use it if we have to. It just doesn’t have the same effect as it did when David Tepper said don’t fight the Fed because stocks will go up no matter what.
So what up?
Good News:
1- The market “wants” to go up. The tape telegraphs this with every headline that is remotely bullish.
2- Hedge fund babies still haven’t done squat and are lagging, they will chase performance like the grubs that they are.
3- Mucho cash is lying around.
4-Popandropoflopolis of Greece may get duct taped to an olive tree this week as “Merkozy” will have a come to Zeus meeting with him. Guy just doesn’t get.. CT Scan STAT. Hey, our own Senators have been know to hold out until the midnight hour on a vote to get more goodies. Maybe he isn’t that dumb after all.
5- Right or wrong, there are still way to many talentless perma bulls that still think things are cheap. They will be right by default, not ability. Brains are meaningless in the stock market though.
6- Santa Claus is a closet bull.
Bad News:
1- The market wants to go down, The tape telegraphs this with every headline that is remotely bearish.
2-We dropped 600 DOW points in two days and rallied back 180 today on volume that was 26% lower than its three month average
3- Spartans storm the Acropolis and Pompeii falls again.
4- Popandropoflopolis rips off his mask!!!!!!!!!!!!!!!!!!! It’s really George Soros!!!!!!!!!!!!!!!!!!!!!!! Mwwwaaaahhhhhaaahhhhaaa
5-Berlesconi privatizes all his under age girlfriends.
6-George Clooney takes over for Berlesconi and buys back his Lake Como crib. Lady Di really isn’t dead and they move in together.
7-Poland seceeds, wants to become more like Kentucky.
I haven’t a clue where this goes.