What’s Eating Gilbert Grape this Morning?
In this order:
1. Stress Tests didn’t instill even an ounce of confidence
2. Italian and Spanish bond yields are trading above some key troublesome areas (despite talk of a Chinese White Knight)
3. The Debt Ceiling Drama is ongoing, Geithner just did his best UNICEF Commercial impression on CNBC this morning, he may as well have been shaking a can
4. Typical earnings season jitters as we really get underway this week. IBM is tonight, they’re always good for a better-than-expected, but what will the rest of them bring to the table?
5. Gold new highs freaking everyone out, I’m long the silver miners again (and even I can’t believe it)
6. The Wall Street economists are basically cutting GDP expectations on a daily basis at this point. It’s background noise until it isn’t
7. The banks – a trapdoor in every floor (look at $BAC)
At least that’s my read of the situation, what are you seeing?
Tags: $SPY $DIA $QQQ