“Italy may be past the point of no return”- Barclays
It’s another sun shiny day at Broad & Wall. The twelve people that are still left on the floor will watch and wonder about the outcome of the Italian vote on their budget. This is “going through the motions” in 3D. A clueless and motley lot they all are. Brooklyn bookies have closed shop and are now short Italian bonds and my barber sold his gold to get long CDS derivatives.
Herman Cain will hold a press conference today to “set things straight” and the fourth accuser, ripped from the bowels of anonymity by Gloria Allred,will channel her best Jennifer Flowers as she starts the the talk show circuit. Gloria is an odious human and would eat her young for face time. Cain has some big “splainin’ ” to do.
Europe’s new BFF is China. The chairman of China’s wealth fund had this to say late yesterday though: $FXI
“If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.”
Sounds to me that they just can’t wait to write a check.
In other geo news, I think things are afoot with Israel and Iran, and Russia is out warning against strikes against Iran. Watch oil in here $USO .
In stock news, $GOOG broke out through a level yesterday and looks higher. $AAPL trades a little squishy, but is still holding that 50 day for now.
It’s still all about the dollar $UUP and the Euro. $EURO
Good luck out there.
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