Interesting spot we are in - 200 day simple moving average to the top, 200 day exponential moving average to the bottom. Amazing how one-two sentences changed the whole complex of the day - the S&P 500 was trading in the 1273s pre market, above resistance, with yet another gap up open - before Draghi crushed the free and easy money crowd, and it's been downhill since.
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Over in the entertainment section of the day - Corzine says he is very sorry... but please don't ask him for clawbacks. The compensation to destroy a company in about 12 months time is very high, and very well earned. Hopefully the people who lost their jobs due to his "bets" (and they were bets) understand sorry is enough. Also he has named the company in his testimony "FM Global" more than once, so apparently he didn't realize he was working at MF Global. One wonders if he thought he was governor of "Jersey New" all these years as well.
Just remember, these people are paid extravagant amounts as CEOs because they are one in a kind talents, who know everything about a company. Except the parts that could get them in legal trouble - for those parts they have no knowledge, or recollection. It's amazing how knowledge and memory is so selective, right Mr. Fuld? Cayne? Thain? Mozilo?
I think we've seen this party before.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows