I wrote this around 12 p.m. on Thursday… All the major indexes finished up about 3 percent. Drinks on me tonight, ladies.
The bulls are back, Casualtists, and not because LeBron signed with Chicago. Indeed, Thursday brought us the news that China was not pulling the rug (and their investments) out from under Europe, but instead that Wednesday’s Reuters report suggesting as much was a load of crap. This wouldn’t have happened had fact-checker extraordinaire Bryan Holt been on the wires, but I digress… One man’s faulty journalism is another man’s 280-point pop in the Dow.
Of course, knowing this market – not that I do – we’ll pull back hard as soon as the real traders go home, volume gets thinner than Steve Liesman’s hair, and the computers lock in profits via feverous short covering (4 p.m. update: Didn’t happen!). Did you know those things are actually called “Search and Destroy” machines? Seriously.
So where do we stand as of May 27? Well, the week is still generally sucking despite the monster rally, and that Trish Regan dressed like Big Bird today isn’t helping. Trish, I love yellow… on Ferraris. The financials are holding up, though, and Goldman in particular seems to be finding its legs around $140. The people who know stuff say that as Goldman goes, so go the rest of the blue chips. Whatever. I say Mark Haines’ body language is probably a better indicator.
I told you about China buying Europe, but I didn’t tell you that Erin Burnett pretty much owned Shanghai all week. She was on assignment interviewing every Asian bigwig this side of The Great Wall… As far as Chinese diplomacy goes, Erin’s way hotter than Richard Nixon. Communism has no chance.
A few more things to keep your eyes on…
1) The Euro continues to bounce off of $1.22. If this stop doesn’t hold, though, look for the Greeks to adopt olives as their new currency.
2) Spain does not have the same massive debt problems as Greece even though they get lumped together. Plus, Greece is to Europe what Rhode Island is to the U.S. (i.e. small potatoes) If the EU had a brain and balls, it would cut ties with Greece altogether, and allow the country’s currency and angular women to float to an area where they can be more competitive.
3) Both the dollar and oil are ON FIYA! Which seems kind of counterintuitive, but works for me. Stay away from BP, though… It’s the new Toyota.
4) The S&P’s built a floor around 1040. Short your dog and your best friend if we ever break to the downside. Mid-9s is the next stop.
5) These lovely ladies: Amanda Drury (the Bond girl), Trish Regan (the brunette), Erin Burnett (the brunette in China), and Michelle Caruso-Cabrera (the endowed brunette). Melissa Francis is still away being a mother… This is your CNBC week in review. Enjoy.
That’s really yellow, Regan… Happy trading.