General Growth Properties Files BK

Not a surprise, we knew it was coming but, my interest in this filing is how it will effect the rest of the group. Many of the stocks in this sector are not only having problems but are literally in arrears on their payments to the banks as some of their lenders are just “waiting” for the turn. Note to banks, don’t stand on one foot waiting. Why has the group rallied when everyone on God’s green earth knows it’s the next shoe to drop? Just ask the trapped longs in material and financials a year ago. When you are a trapped long, your a trapped long. Someone will blink soon and the cascade will begin. Let’s get Morningstar on CNBC to opine on some five star REITS this morning, dumb asses. Keep your friends close and your SRS closer in the coming weeks.

JPM reported this morning and their net was down 10%, the stock is down slightly and golden boy Dimon warned that there will be tough sledding ahead. Rosetta Stone went public and was priced a bit higher than the original price talk, I’m hearing the White House ordered thousands of dvd’s as the administration feels it is important to be apologists for our country’s misdeeds in the actual language of the country. Can’t wait for the lively banter between Pelosi and Achmadinijad in the months to come.

Good luck out there.

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