Maybe it’s just me, but are you astounded by the game of denial being played by the P.I.I.G.S over the past year? Oh, by the the way, I think they will be referred to as the I.S. nations now, as only Italy and Spain are left without having taken bailout money. Spain has a +20% unemployment rate and a housing market that makes Arizona look like a thriving metropolis, but I’m sure they will be just fine. This entire house of cards was predicted with uncanny precision on these pages over the past year. Yes, Spain will need a bailout and probably Italy too. The latter will probably need final approval though from George Clooney.
As far as the greenback goes, a Baldwin piano dropped from one of Bernanke’s helicopter would have a better bounce. Crude is over $111 this morning and gold continues to set records. Some momentum stocks proved that they still have some momo left yesterday, but NFLX may have put in a double top. I don’t want to get in the middle of that long short debate, but when Ben- Hur becomes a “hot new release” maybe they should rethink things.
Have a great weekend.