The Morning Morsel- Lebron, Lohan and Summer Doldroms

Lebron has become richer, Lindsey goes to jail, and plebe’s like us just try and figure out the direction of Mr. Market as we head into third quarter earnings season.

Earnings season, as always, will be interesting and the emphasis,  more than ever, will be on guidance going forward and not what is already in the bag.

Google is back in China (+$20) and BIDU -$6) is looking over its shoulder again.

The PIIG ETF’s like EWP,EWG, EWI and EWQ have enjoyed 10-15% rallies in the last week as they stepped back from the cliff’s edge. STD, which almost became Wachovia last week, is now proudly running with the bulls again with nary a worry or concern in site. The Euro has enjoyed a terrific snap back rally as well, if your not a believer in the move, then DRR is a way to play that opinion.

I’ve was bearish and short the agr/fertz space, but they all caught a bid yesterday, as drought conditions have worsened, not only domestically but globally, so MOO could be interesting as a trading long going forward. Everything is “just” a trade in this market.

Today is the first real non-existent economic data day in a while and that is usually  bullish, we’ll see if the bears think so.

We continue to move along profitably on the Premium Site and things will heat up dramatically next week as the earnings floodgate opens. Have a great weekend.

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