I had plans for tonight, and of course all kinds of stuff happened today. Makes sense. A couple things I had on my mind today, more tomorrow.
If You are a Dancer, You Don't Want to Get Backed into a Corner
In boxing circles, if you have no real punching power, and maybe a suspect chin, you NEVER EVER want to get backed into a corner and get worked over by a real fighter. So WTF!!!! was Bill Gross thinking by Tweeting this insane post today?:
Mr. Gross is recently famous for "shaking hands with the government" as they bought out all his Agency mortgage debt (more like shaking it when its done Bill?) but besides that Gross manages the biggest bond fund in history and unless he is a total moron, MUST know his Tweets are seen by the whole investing world. Gross made the worst mistake a market player can do, name an event (or price) and a time point! No one cares if Economic Disconnect says the Nasdaq will be at 5000 and/or 1000 on August 15th, 2011 because I am a hack. Bill Gross is not a hack. If August comes and goes and he is wrong, well he set himself up for that. Anyone have any thoughts on this I do welcome them, very bemusing.
Another dancer on par with the worst pitty patters of ring history is Ben Bernanke. This man can dance, but I do give him major credit today, he finally admitted the truth:
“We don't have a precise read on why this slower pace of growth is persisting”
I guess Bernanke is bemused as well. Welcome to the party pal!
Have a good night.