DARK HORSE HEDGE – Can’t Get No Satisfaction
by ilene - September 9th, 2010 4:31 pm
DARK HORSE HEDGE – Can’t Get No Satisfaction
Courtesy of Scott Brown at Sabrient and Ilene at PSW
When I’m drivin’ in my car
And that man comes on the radio
He’s tellin’ me more and more
About some useless information
Supposed to fire my imagination
I can’t get no, oh no no no
Hey hey hey, that’s what I say
I can’t get no satisfaction, The Rolling Stones
Phil Davis put the “He’s tellin’ me more and more, About some useless information” into perspective Tuesday when he wrote:
Nice market take-down by the Journal this morning, who led off with an article questioning the EU stress tests saying: "From this point of view, it is not surprising that the doubts raised about the validity of the stress tests are weighing on the Euro and also on other risk-correlated currencies." Then, to make sure no one misses the article, they run another headline for the US markets that says "Concerns Over EU Banks Hit Euro" in which they quote themselves:
"New concerns about the ability of European banks to weather the financial crisis came after the WSJ story highlighted once again the weaknesses of the stress tests. The report helped to widen the bond spreads on peripheral debtors and knocked European stock markets lower as another wave of euro zone jitters hit the market."
Phil continued: “think about the “nature” of this story. There is nothing NEW in this NEWs, is there? It’s the kind of article that could be written any time someone wants to push the markets. Even the data they are using is from back on 3/31 – they didn’t even bother to update their facts for Q2!”
Sure enough by Wednesday, 24 hours later, the headlines countered: “Stocks resume rally as European debt worries ease.”