A whole bunch of economic data is coming out this morning. In terms of economics the data is uninspiring but that has not stopped the Economorons and manipulators from chasing the futures higher. While the data is suspect, manipulation is rampant. Situation in Europe is as bad as one can imagine, G.Pap is now begging for money and all his bravado is gone. Not sure if US will be in technical default because no accord is in sight. Who is in right mind is buying stocks today? Not any investor. Today is the day for HFT Algos and scalping day traders.
JPM came out with its better than expected results. In the 1st place they low ball their estimate and then they reduce and under provide their reserves for bad debt. There is no provision for mortgage law suits which alone can wipe out the firm. And we are supposed to be happy and buy buy buy?
I think it will be more of the same today, chances are the market will open higher and go lower. In any case, I am staying out of it till next week.
