The banks win again! Can anyone tell me how these banks, half of which should be bankrupt (at least)are six and a half percent better than last week?
Today's heatmap:
Lots of green there. Must be the green shoots turning into flowers.
Today made me about as sick as I have ever been watching this casino. The futures were lower around 7:30. Once Merideth Whitney went on CNBC and talked up Goldman Sachs, the futures turned around. Once the market opened, they were up nicely, only to fall back to the 874-875 area. Then at about 10:30, the rocket finished fueling itself up and off it went. The indexes gained all day long with little to no pullback. Incredible, one bank upgrade, with not so bullish news for the rest of the economy by Whitney (13 percent expected unemployment)the entire market acts like everything is this much better than last week? I have to give it to CNBC, who used snippets of Whitney's comments all day, to pump this puppy was quite impressive. We also got Bob "the important thing is" Pisoni back from vacation to help the pump job along. I only have one thing more to say - CNBC, you are simply pathetic, and a disgrace to the investors who watch you. It is an insult to our intelligence to say the bullshit you do on a daily basis. I hope GE, who reports Friday, is forced to cut costs because of profits, or lack of, they are forced to cut your sorry asses off TV. Screw you CNBC - you suck.
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