What a gorgeous sunday - to bad these kind of days are numbered. 2/4 played soccer today - first games of the season - they both did pretty well.
Time to check in on the SPUZ as the casino reopens. They open down $2 bucks. Hard to read into a $2 move but there were more troubling signs out of Iran this weekend, there was a very large protest against Pres. Obama in Washington and oh yeah they are waaaaaaaay overbought.
There was also a massive bank failure in Chicago (a long time coming by the way), CORUS bank which was the posterchild of a lender that had condo conversion exposure in all the wrong places.
This was a biggy, the deposits and branches have been parsed off to MB Financial, another Chicago bank, the assets are going to be auctioned off at a "later date". Good luck selling a 20% complete S. Florida condo conversion these days, if they do sell (presumably for 10 cents on the dollar) the market gets further depressed - the buyer finishes the condos and is able to then offer the same thing that some guy down the street is offering for 1/2 the price...NOT GOOD.
Anyway, the bulls are feeling pretty bullet proof and the bears are full of self doubt and loathing.
Should be an interesting weak, but might get slow friday as the Jewish New Year is upon us.
More in the AM.
JB
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