Thursday, May 27, 2010

Hot Air of the Day

Stocks jump after China shows confidence in Europe (5/27/2010 AP)

"NEW YORK (AP) -- Stocks had another turnaround Thursday and rocketed higher after China reassured investors it doesn't plan to sell the European debt it holds.

"The Dow Jones industrial average rose about 200 points in afternoon trading, while Treasury prices tumbled as traders took money out of safer investors and put it into riskier assets like stocks and commodities.

"The show of confidence in Europe let the market resume a rally that stalled late Wednesday following a Financial Times report that China was considering cutting its exposure to European debt. That would have signaled that China didn't think Europe would be able to contain the crisis. The agency that manages China's $2.5 trillion in foreign reserves denied the report." [The article continues.]

This circus of a stock market needed a word from the ringmaster, who says he will keep inflating the circus tent.

Obama: Gov't in charge of oil disaster response (5/27/2010 AP)

(Uh huh.)

"WASHINGTON (AP) -- President Barack Obama moved aggressively to show his government is in charge of the Gulf oil spill on Thursday, calling the gushing leak an "unprecedented disaster" and blasting a "scandalously close relationship" between oil companies and regulators."

(Oh really. What a surprise. Did you return the campaign money from BP?)

"Obama said many critics failed to realize "this has been our highest priority."

(If that's the case, You have a funny way to show it.)

But whatever. Algo bots have been unleashed for the day, and they are going wild. Dow is up 243 points as of 2:24PM EST, S&P up 30 points, Nasdaq up 70 points, and market analysts are busy


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