After a 9 point selloff in the SPUZ late yesterday afternoon (mind you they still closed yesterdays session up1% or so) - they have been buying em ever since and we find em up 12 bucks this morning or 1.2%...We got a headline about record foreclosure activity again - yawn who cares...People are much more excited that John Paulson owns 1.94% of BAC - who knows how many OTC puts and regular options he may have against his position - it makes for CNBC bullish rah rah crap - I dont watch CNBC anymore but I imagine they have alluded to that position of Paulsons regularly this morning. Valuations are not discussed its how long the increasingly important SENTIMENT can stay bullish. Initial jobless claims just came out WORSE than expected - what will the bullish spin be on that?? I sold futures (more of em) when I woke up.
Good luck today
JB
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