NEWS

With all the tech problems I've been having today I haven't had time to catch up on the news.


I will remind you that yesterday we saw the signs of strength today, it was strange as I pointed out in my 3:45 a.m. post that ES had not moved according to what 3C was showing at the close, however, 3C did come through and apparently was showing us the market acting on news we were yet to receive as usual.


First the CDS Naked Short Ban that I mentioned yesterday, in Europe.


Then ECB intervention in the Italian market


And some yet to be discounted heavy weight news as Germany pushes fro 50-60% Greek bond haircuts-you heard it here over the weekend, causing disagreement between France and Germany, which will likely not help them meet the G20 deadline.


And the rout in PrimeX continues-see this weekend's post to see where the 4 markets were as of Friday as compared to now...



Not good!

INDEX            BID      ASK      CHG
PrimeX.FRM.1   99-16   101-16     0-17
PrimeX.FRM.2   86-24    88-24    (0-04)

PrimeX.ARM.1   93-24    95-24    (0-09)
PrimeX.ARM.2   81-08    83-08    (0-07)

Next, GS is downgraded from AA to AA- by Egan Jones-I told you those earnings weren't going to fly, but GS is getting a little help from their friends. Anyone know if Cramer put out a buy on GS?

Do I even have to comment?

Next the S&P downgrades 22 Italian Banks-watch out for related CDS losses to flow shortly in the big EU banks as a "Credit Event" just transpired.


Really, does anyone know if Cramer issued a buy on GS in the last few days? He is GS alumni.