Wall Street Manna

An irreverent look at Wall Street

Thursday, June 5, 2008

S&P lowers ratings on Ambac and MBIA

And stocks sell off for ten minutes!

What a difference a couple months make!

Remember when Charle Gasparino would breathlessly warn us on CNBC at 3:30 each day of the imminent downgrade of the monolines?
http://aaronandmoses.blogspot.com/2008/01/more-on-gasparino.html

The bears shorted stocks to death, telling us we were facing a depression brought on by housing.
http://aaronandmoses.blogspot.com/2007/12/morgan-stanley-sells-fear.html

Now we can't even find the recession!

But you had the whole story, here, the week of the market lows, before it happened.
http://aaronandmoses.blogspot.com/2008/03/david-slays-goliath.html

The bears have already been steamrolled on the NAZ. Next step is the Dow! Look for 13000 next week.

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