How Dumb is this Tape?
It never ceases to amaze me what can move the stock market from day to day.
Thankfully Ambac Charlie is taking a break, but Gasparino moved the market dramatically and violently several times in January, February and March with his monoline musings.
It takes two to tango, and people traded off it, however.
Dick Bove is filling Gasparino’s role. He seems determined to be the go-to guy, given Meredith Whitney is a threat to his franchise; his call yesterday certainly got him the media attention he seems to crave. Was he responsible for moving the market?
He was certainly a factor, although I hate it when people attempt to explain market moves with pat explanations, and by pinning it on one catalyst. But you can bet Bove would like to take credit for Thursday’s 30 point ramp in the S&P.
In any case it was a remarkable week; the chart of Lehman sums it all up. The bear raid in Lehman had gathered steam for weeks, and over the weekend and into Monday every idiot with a blog predicted their downfall.
Too funny. Sure hope it holds!
LEH 3-month
Comments:
Next entry: Bill Miller Claims Fed Wanted Bear Stearns to Fail
Previous entry: Bear Obituaries Rolling In
