So Zoe Cruz who lost bozillions at Morgan Stanley is starting a hedge fund and Sally Krawchek who ran (into the ground) Citi’s balance sheet is being considered for the top spot at Bank of America. Please recall that Vikram Pandit blew up his own fund before selling it back to Citi and then becoming its CEO . You just can’t make this stuff up. It’s nice to know as things change they really just stay the same. Meet the new boss, same as the old boss.
Bernanke waxed a bit hawkish on the greenback yesterday,so that should have a shelf life of a couple of hours to a day. Obama wins the Nobel Peace Prize which I will never understand. Never.
The dollar is catching a bit of a bounce this morning and as I write, NASA is blowing up a rocket on the moon so they can find water, seems like a good use of everyone’s time.
Chinese markets are back from a one week hiatus, hey, it takes more than a weekend to figure out your GDP for 2013.
“No money down” loans return to the UK housing market (laughing), the Senate is adamant about shoving through healthare, and get ready for strong rhetoric about a second Porkulus. The last two should be just dandy for the market.
Today is the two year anniversary of DOW 14,000 and unless you were short for most of it, it has been a very tough ride. Why do I have the feeling we will be talking about DOW 11,000 a year from now. Hope I’m wrong.
I’m staying long until I’m not, but I layered in some NDX shorts yesterday. Materials should continue to work until hawkish greenback chatter loses traction. A hike short term would decimate the uncovery, I mean recovery. Have a great long weekend.