More slivers of Europe are falling into the Mediterranean this morning as their markets get torched. Greek budget talks broke down over deficit targets and their bond yields are flying higher this morning. Madrid and Rome are bidding for the 2020 Olympics, but they will need to be in existence to host them. It’s a matter of time before the Euro becomes Netflix.
Our banks are now getting sued by the pimps who pimped them and Netflix lost Starz, so Ben Hur and Bonanza is all that’s left. What valuation do you give to a distribution company that has nothing left to distribute?
The big Kahuna that is jobs, will get released this morning. It will be most likely be dismal, so Obama will be wearing overalls and carrying a shovel next week to discuss the cure. So now we’re shovel ready. The White House would have preferred the speech to be given in the booth at the Saints-Packers kickoff on Thursday, but I guess the NFL put their foot down. There was obviously a conflict with the jobs speech and the timing of Republicans debate to save the world. What they didn’t realize is that no one cares what either has to say anymore. I feel bad for the bookies this year as those nickel parlays will now be five dollar strait bets in this economy.
This market is begging and hoping to be saved by something right now, and that savior is some morphed form of QE. So will a disastrous number this morning be good for the market,as it will assume another Bernanke band aid will be forthcoming?
Great theater as always.
$NFLX, $SPY, $FED, $XLF