Wall Street Manna

An irreverent look at Wall Street

Monday, September 17, 2007

Morning soundbites

Since the market wants a soundbite to trade off, here's the morning bytes. Greenspan now says that the housing "bubble" was worldwide; as a Fed Chairman, he said higher oil prices were transitory-he now says oil would be at $130 a barrel if we didn't go to war, courtesy of Sudan. He's pushing his new book, The Age of Turbulence. Goldman Sachs says oil will be $85 at year end. They're probably pushing their book also.

In the UK, people are pushing in lines at Northern Rock, showing they don't care what the BoE says. Friday, the futures opened down sharply on that news; and the markets closed flat. Today we get a do-over and probably the same result in the market. By noon they'll forget about Greenspan, and start thinking about Bernanke.

Hovnanian (HOV 11) had the Deal of the Century as this weekend they were pushing homes. The sale centers I went to were packed, and I'm sure this will be touted as a success, especially since Ara Hovnanian's mug will be on CNBC.

But the most interesting aspect of the market, is the action in the sovereign wealth funds once again. Qatar's investment arm reached an agreement to buy the 30% stake of the London Stock Exchange that he Nasdaq had acquired, for a big price. Which means that even the NYSE Euronext (NYX 70.69) has value at these levels.

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