S&P 500 set for best month since 1974
The S&P financials index surged 6.2 per cent, led by big commercial banks Citigroup , up 9.7 per cent to $34.17, JPMorgan Chase , up 8.3 per cent to $37.02, and Bank of America , up 9.6 per cent to $7.22. Investment bank Morgan Stanley jumped 17 per cent to $19.41.
WTF! Should anyone be impressed? How about we look at the results for the last three months not one. How spectacular must they look ... oh, it seems over the last three months the S&P is practically flat, in fact, it's down a bit. How can this be, when we just had a Spectacular Month.
Does anyone believe the shit they write any more? Do they believe it? Things must be going great this month. No! Just everybody panicked two month ago and sold everything. Now they've bought it all back, and we're right back where we were two months ago, 'cept some brokers got lots of sales commissions.
Oh, and the Greeks. They got a sweet deal! They get to write off half their debt. Wish I could get that deal from BofA.