What a bloated think tank of bad analysts and accountants. Standard and Poor’s and the SEC is like God’s waiting room, it’s where bad analysts and C- lawyers go to die. A real hedgie or bulge bracket firm would probably never look at an analyst from S&P as a hire. A hedge fund may look at an SEC guy as a hire because it looks cool to hire an ex SEC guy. Most cant get jobs at real firms, so they just exist at these nine to five purgatories and wait for their “big break”, that break rarely comes. I’ve met them both, they are sheet rock with arms. A sad sort for the most part.
S&P must have been doing massive quantities of opiates as they entirely missed all kinds of downgrades in 2008 and 2009 and assigned triple A ratings to all things toxic. They downgraded the USA , but Treasuries never rallied harder.
The S&P warning yesterday was the best encouragement for European leaders. Who knows? Maybe that was the agenda all along.
The market shrugged off yesterday’s move and after a quick sell off the buyers stepped up and we rallied. The EU is just like most American marriages; always fighting about money and constantly on the verge of breaking up. The world does appear to think that something will get done this time around. The big meeting in Brussels is on Friday and TurboTax Timmy flies over there to offer free advice. I wonder if they will politely ask him to leave again.
Newt Gingrich and Donald Trump met in New York City yesterday to set up a program for poor kids and a softball team for all their ex-wives and Herman Caine finally disclosed that he is really Pikachu. Newt Gingrich is proof the real Eric Cartmans of this world can do pretty well when they want to.
We learned yesterday that Corzine’s risk department warned him of his risky European bets. Jon ignored the warnings and pressed his bet.. He goes on TV tomorrow. I never though I’d say it, but this will be more interesting than another LSU–Alabama game.
It’s always fun and games at the 200 day moving average for the S&P ($SPY) as we tagged it again and failed yesterday. Maybe today is the day the bulls rip through.
Cloud stocks ripped yesterday as $SFSF received a bid from $SAP. Other names to watch is this space are: $ARBA, $RAX, $CNQR, $LOGM and $TLEO
$AMZN is still an awesome cloud play, but it still languishes on the chart for now.
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