Morning Morsel-Bernanke Speaks

“It’s kind of hard to rally around a math class”-Bear Bryant/Alabama

Kind of how I feel when Uncle Ben grabs a mike. I’m so tired of rooting for  bureaucrats and charlatans from the Halls of Academia. Ben and Timmy have been wrong on just about everything they touch. I actually believed Greenspan in the very beginning until it was too late. Kind of like dropping your kids at Michael Jackson’s house for a sleepover until the third glass of wine at dinner with wifey when you get that sinking feeling that something just ain’t right.

Ben gets the mike today at the FOMC rate meeting. Nothing will happen, at least not at this go round. The markets are too thin around the holidays for Ben to cause a ruckus, so expect the buzz phrase “extended period” to be bandied about. Ben won’t do anything on rates until the March meeting in front of Congress anyway. Look for rates to rise though without Ben or Timmy as the Fed can’t control the long end of the yield curve anyway, just look at the 10 year. Get your TBT ready if you haven’t already.

Abu Dhabi wants out of Citibank

Royal Caribbean and Carnival upgraded at JPM

Morgan Stanley sees 8% gain in S&P by end of 2010

Darden raised to buy at Morgan.

Return to Glass-Steagle gets legs

Chinese IPO’s on NYSE to increase four fold in 2010.

RIMM profit margins may shrink on Blackberry development.

PRU sees $1.5 billion gain on WFC pact.

Wednesday, December 16, 2009

08:30 Nov CPI (last m/m 0.3%, y/y -0.2%; ex food & energy last m/m 0.2%, y/y 1.7%), Nov CPI Core Index SA (last 220.453), Nov Housing Starts (last 529K), Nov Building Permits (last 551K), Q3 Current Account Balance (last -$98.8B)
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
14:15 FOMC rate decision
08:00 Oncologic Drugs Advisory Committee Meeting. FSLR Guidance Call. DHR Investor Day. HON 2010 Guidance Announcement. MBA Mortgage Applications (7:00, last 8.5%). Trades Ex-split: NEOG 3-2, UHS 2-1. Trades Ex-dividend: CB $0.35, SCMR $1.00, TTC $0.18, UIL $0.432.
Before the Open: JOYG. After the Close: APOG, MLHR, HOV, MATK, NDSN, PAYX.
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