The VIX has gone ballistic, CIT has gone bankrupt, IPOs are being canceled,serious momo leaders are having a very hard time stabilizing, AAPL, GS, etc....but looking at a large gap lower this morning in the SPUZ of about $12 bucks the market rallied all the way back and closed higher.
The powers that be cued a Warren Buffet take over of Burlington Northern this morning, he says this takeover says "hes all in on the American economy". uhhhh - hmmmm - you have been all in continuosly for a really long time. And to signal how embedded he is in the CNBC geshtalt he has decided to split his stock 50-1, allowing daytraders everywhere to play in Warrens world. No disrespect to Warren Buffet but for him to go "all in" on a railway at 80+ years is not market moving news from my vantage point. JNJ cutting 7k jobs....thats the news that just wont go away.
Banks in England (lloyds and RBS) getting more UK bailout money..GEs CDS (credit default swaps) widening (remember how big GE capital is) that kinda stuff that is the news Im focused on.
I exited most of my upside play in RIMM today as the stock rallied nearly $4, in other market action today preferred shares were very heavy, Metlifes preferred dropped $1.29...I dipped into that in a small way and put a hedge on in the common shares.
I bought some Ford as well today...dont color me a bull or anything - I added to my index shorts as a hedge....
JB
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