The Morning Morsel-Contagion Is Finally Center Stage

The viability of the Greek rescue package is facing huge problems. The folks in Athens have taken it to the streets as union workers and just about everyone else in Greece refuse to accept potential austerity measures.Hmm, look what happens to countries that spend too much money. The Euro is under more pressure today and the greenback exploded higher yesterday, as the risk trade left the building and materials and commodities were collectively massacred. The PIIG nations are dying on the vine here, stay tuned, it gets worse. Be positioned.

We appear to have completed head-and-shoulder top formations on both the Nasdaq 100 and S&P 500. We could see some rallies, but it looks for now that the trend has changed and we may be heading lower.Many stock are at, or heading rapidly towards, their respective 50 and 200 dma’s.

Remember the “secret” meeting of rainmaker hedge funds at the tony Park Ave townhouse that I wrote about a few months ago? I mentioned that it seemed like the opening chapter of a Ludlum or Clancy espionage novel. You know, just some good old boy hedgies plotting the demise of the Western World. Their main short was the Euro and Greek banks. So far, as usual, the shorts are right. But China is just swell.

Komansky, former head of Merrill, is out this morning stating that GS will not survive a criminal investigation. One mans opinion. Smart guy though.

We are positioned and hedged with shorts on my Premium Site so come on by. Sunday night shorts included: SOHU, APOL, FUQI, DE and SNDA.

Good luck today.

Wednesday, May 05, 2010
Economic
07:30 April Challenger Job Cuts
08:15 April ADP Employment Change
08:30 Chile March Economic Activity
10:00 April ISM Non-Manufacturing
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
20:00 Colombia April Consumer Price Index
Events
08:30 Fed’s Rosengren speaks on housing in Boston. 10:10 Fed’s Lacker to speak to International Group in Richmond. 19:00 Fed’s Rosengren Speaks in New York. Same-store sales after the close. Morgan Stanley Payments Summit. STT Investor Day. 07:00 MBA Mortgage Applications. Trades Ex-dividend: AMP $0.18, ARLP $0.79, BEC $0.18, CMS $0.15, COST $0.205, EQT $0.22, FII $0.24, FE $0.55, INTC $0.158, LAZ $0.125, NSC $0.34, PLL $0.16, PFE $0.18, BA $0.42.
Earnings
Before the Open: AGU, AYR, AYE, ANR, AEE, ATRO, AAWW, FLY, LSE, CBZ, CNP, CTL, CBR, CLH, CGX, CTB, COT, DWSN, DVN, DGIT, ENB, FWLT, FCN, GRMN, IT, INSP, ICE, KCP, KNOL, ID, LNCE, LINC, LOJN, MED, MITI, MINI, TNDM, NEWS, NJR, NWN, OIIM, OWW, PKD, HK, PQ, POL, POWL, PGN, PEG, PHM, PWR, Q, RRD, SBGI, SIRO, SEP, TRK, SPW, TLM, NGLS, TGH, TWX, GTS, TRW, UPL, VSH, WBC, WCG, WMB. After the Close: ADCT, ABCO, ALTH, AEL, AFG, NLY, ATO, BGCP, BBBB, BMC, SAM, CELL, CECO, CBEY, CBS, CHDN, CLWR, CNL, COGT, VALE, CXO, CLR, CNW, CPA, CXW, CCRN, TRAK, DXCM, DSCM, ECHO, EDMC, EBS, ENOC, EQY, ERES, ESS, EXM, EXLS, EXPD, FARO, FFG, FLS, GCA, GLBL, GMXR, GDP, HAIN, HNSN, HIL, HIMX, HYC, NSIT, TEG, VTIV, JAZZ, JDSU, KAR, KNDL, KIM, KRG, LPSN, MTZ, MDTH, MOH, MUR, NRP, NCIT, NVEC, ONNN, OSUR, OEH, ORA, PACR, PVA, PNSN, PAA, PPO, PRA, PRO, PL, PRSC, PRU, QLTY, QSFT, REG, SONE, SWM, SENO, SMSI, STAN, SYMC, TTEC, TSCM, RIG, UNTD, VIRL, VTAL, WES, WGL.
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