Wednesday, March 24, 2010
The knee jerk playbook
Oil is down, which must mean the euro is weak and the dollar is strong, and therefore we have to sell the futures!
But this time, the "Oh My" crowd will claim contagion is at your doorstep. Portugal got downgraded to AA- by Fitch, who still has their hand in the hedge fund pockets.
But speaking of hedge funds--who sold Mastercard yesterday? Oh that's right--that was owned by Moore Capital--now under investigation for insider trading. Anyone think, anyone front ran that order? Anyone with anything decided to yank their money Galleon style!
So let's put things in perspective. Moore Capital has about $13 billion. Portugal sold us about $2.5 billion of goods, and we sold them all of $3 billion last year. Portugal isn't even in our top 50 export markets!
Is that really an "Oh My" moment?
Only in hedge fund land!
In this methodical melt-up market!
Posted by Palmoni at 6:48 AM
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