China Saves Some Bacon

China cut the reserve requirement by 50 basis points overnight.  Good thing because futures were getting fried. S&P downgraded fifteen banks yesterday, so the China move couldn’t have come at a better time, as it did wonders to reverse the sell off (for now). So cool when Communist economies uptick our market.

Mortgage applications were just reported and they were down 11.7% VS. 1.2 % and refi’s were down -15.3% VS. -1.2%.

The German one year note just fell below 0% for the first time in history. Booyah.

Lipitor is off patent so you can buy the generic form now. At these new prices I can sprinkle even more on my barbeque now.

Barney Frank will be retiring from the U.S. Congress at the end of this term in order to spend more time with his Buddy Hackett DVDs.  He will still keep that crazy cartoon badger voice though.

Newt Gingrich is crushing it in the polls and Herman Caine has denied more sex than Huge Hefner has had.

Irish homes sold for as little as 28k in the largest foreclosure sale ever. I’m looking for one at the intersection of Trout Stream and Pub.

Iran protestors raided the British embassy yesterday and Iran said they will “fire 150,000 missiles at Israel” if they pick a fight. They also said they will attack Turkey and the oil fields in Iraq.  Such a warm and cuddly nation. Strong letter to follow.

I’m still in day trade mode here and made some nice money shorting $AAPL and $AMZN yesterday, and I am am holding my shorts in the Euro and the banks $XLF from higher prices. Like everyone, I am watching the news flow like a peregrine falcon.

Good luck today.

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