Monday, March 10, 2008

Just Another Manic Monday

I must say that I really like my blog post from last night. I feel the post captured the very essence of what is going on right now. I know I am an unbiased opinion! Thanks for the kind comments, I appreciate the readership here.

Just Another Manic Monday
I am a bit short on time tonite, which stinks because there was SO MUCH going on today I could write for hours! Pick a financial story and it probably had some kind of drama going on today. I will try to summarize some major points.
  • Goldman Sachs Misunderstood Story - In the early morning Goldman issued a report that was read by many to imply an emergency rate cut would happen this morning! After closer review, the report was more of a "we cannot rule it out entirely" kind of mumbo jumbo. The market futures were rocking, then fell off. What a rate cut would accomplish is beyond me, but it highlights how far away from capitulation we are that the rate cut rally can still occur.
  • Ambac's Friday Action Destroyed - The blatant price manipulation at Friday's close that set ABK stock at $9.50 worked like magic as the stock plummeted to the tune of 23% instantly this morning! Imagine the skill involved in making a 20 plus percent loss in about 10 minutes of trading time! Must be PHD's involved no doubt.
  • Lehman and Bear Stearns on the Ropes? - Both the stock price and option price action for BSC and LEH would imply a MAJOR EVENT occurring very soon for both companies. While it is well known that both are highly leveraged and are in fact insolvent by any reasonable pricing of their Level III Assets, this would be the first time the market seem to care! These two need to be watched closely.
  • Countrywide Sale Problems? - The freefall in CFC stock continues. With a deal on the table with BAC, the stocks slippage can only mean that either the deal will be called off (unlikely, the Treasury put this one together) or the deal will be renegotiated (most likely). As a banking customer of BAC I wish they would leave CFC alone, they have enough problems as is!
  • Oil on Fire - Figuratively, not literally! Thanks Ben Bernanke for absolutely screwing the average joe while you try to save the banks that so richly deserve to get toasted.
  • Spitzer Pays For It - News that the New York governor, and formerly known as "Mr. Clean", had a public news conference to admit to buying female services. Yes, those kind! I offer no commentary on the right or wrong of such practices, but paying $5500 dollars an hour shows you just how OUT OF CONTROL inflation has become! Stick that into the PPI!

That is quite a list, and there were about 10 other very relevant items I have to check out. Now that was a Monday! Bonus points to the reader that correctly identifies the band with the song title that I lifted for the main thought title.

I will try to have more up tomorrow, as well as a new poll question. leave some suggestions in the comments section if you would like to see a particular topic up for a vote.

A little comedy to end the day:

funny pictures
Enter the ICHC online Poker Cats Contest!

funny pictures
Enter the ICHC online Poker Cats Contest!

Have a good night.


watchtower said...

Manic Monday by "The Bangles"
Thanks, now I'll have that nerve racking song in my head for hours.

getyourselfconnected said...

You got it Watchtower! Just be careful you do not end up Walking Like an Egyptian while you have that song stuck in your head.

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