The Morning Morsel: Ireland, China, GM and Stocks

Ireland is acting like the drunk guy at Thanksgiving dinner who swears he’s not tipsy. He needs to stop and take a nap, Ireland needs to stop saying that everything is dandy and just take the money. Portugal telegraphed their fears yesterday and talked about their issues which are similar to Ireland’,s and Greece also said that their deficit would be bigger than they originally thought.  Bottom line the Eurozone has jumped back on the front page until further notice and jitters are back.

China is talking about tightening and the Shanghai has been getting torched.China is also the dog that wags the world economy’s tail, so that ain’t good.

Ben and Timmy monetize their GM bailout today and get liquid. Yep, I really need to be long a U.S. car maker in this economy. Anyway they raised the price to $32-33 and it has been deemed a ‘hot’ IPO.

Energy, metals and agriculture are all lower this morning. The dollar ran like a scalded dog into the close yesterday and stopped right around the 50 day moving average. A continuation through that level will be a mess for stocks, and commodities in particular.

There was a couple of very nice M&A deals yesterday, but the market didn’t seem to care.

Have a great day.

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