Another Spike Off Same Issue

I am not sure how many times we can have 1-2% spikes intraday off the same bout of news but once again, the market goes straight up off bond insurer news. Much like a drug addict I believe the more times we use this drug, the less effective its high will be. How many more times can we use this parlor trick. And note with all this great news thrown at the market about ratings confirmations and bailout plans, the S&P does not go above 1370. It's getting a bit tiring; I just wish the bailout would be done and the rating agencies would confirm that no matter what happens, even if the bond insurers would go bankrupt they'd sit and smile and award them a AAA rating.. because that's what they've essentially done the past 6 months. So let's make it official so we can move on with the rest of the reality.

• Wall Street bolted higher Monday after Standard & Poor's affirmed its ratings for Ambac Financial Group Inc. and MBIA Inc., raising hopes that troubled bond insurers will emerge from the credit market crisis on solid footing.

Myself? I'm going to be re-adding some short exposure on this "surprise" news.