Meanwhile, back at The Factory, the internet continues to be the largest communication platform I’ve ever been involved with. If I didn’t own the darned thing, I wouldn’t be where I am–in hiding.

On another note, some noteworthy happenings impressed me recently while speaking to my assistant, Tonya:

–Last week Goldman Sachs downgraded EPS estimates for the banks by 15%.

–The federal reserve hiked interest rates by 25 bps from .50% to .75% on February 19th in a surprise move. Since then, stocks have marched higher while volatility has slunk lower. There are various rumors making the rounds that the fed will repeat it’s actions from February–hike rates by 25bps in another “surprise move.” Moves are moves, but I definitely appreciate surprise moves and use them often.

S&P Futures / VIX

–Ratings agency Standard & Poor’s changed their ratings on Greece last week from negative to stable. Does anyone care about rating’s agencies anymore? Haven’t they been proven meaningless?

–I will be working the Ironman II premier in various locations, including Los Angeles. My client–Ms. Pinky Megiston–is involved with the show so though I’ll be there, absolutely no one will have any idea who I am. After all, not even I know who I am anymore. Whenever I have lost my mind in the past it has always led to bigger and brighter things. This time shall be no different.

Why not? Money is a good thing to have in these twisted times. Even Richard Nixon is hungry for it. Only a few days before the Derby he said, “If I had any money I’d invest it in the stock market.” And the market, meanwhile, continued its grim slide.
-Hunter S. Thompson
The Kentucky Derby is Decadent and Depraved

In Russia, talks of the reserve currency–gold–lurk in the background. Talks are focused on worldwide reserves in the wake of last week’s talks of the IMF buying more physical gold. Russian central banker Ulyukayev commented that Russia would increase the proportion of gold in it’s reserves. Records show that gold makes up 5.3% of Russia’s reserves, up from 4.3% seen back in late November.

Higher and Higher, Baby

Meanwhile, back at the factory, the spin offs are spinning, the lifestyle’s inspiring, and the character development beats on. Turning to the box scores we see that—much like my life—the market is a tumultuous beast that I am determined to tame. Booking profits all the while.

The S&P 500 gained almost nothing today; it could only muster a minor 4.18 point or (.37%) gain.

Gold took a breather and closed down 11 points to close at 1132 per oz.

Buyers met sellers in a decently orderly fashion. Headlines were light—so much so that the Jessica Simpson interview on Oprah took center stage. I’ve yet to hire Jessica for her starring role in my new epic, The Adventures of Pinky Megiston, but after her daring performance on Oprah, she is definitely on speed dial. She fits the part perfectly: she’s one of the most famous actresses in the world with all sorts of security problems. The first time I saw her, I wondered if I’d ever met someone so beautiful with so many problems. Given her propensity for the spotlight and controversy, it was easy for me to develop an infatuation and eventually fall in love with her. Whether or not our affair is ever consummated in the honeymoon suite of reality, it will reign authentic in the archives of my memory.

Syndication is a girls best friend, right?

Speaking of syndication (blatant attempt to segue from my inappropriate digression), Greece’s syndicated 10-year debt offering may or may not go well, and depending on the outcome, the markets may continue to behave or may roil.

Rating’s Agencies

Here is where it gets tricky. If the ratings agency Moody’s were to downgrade Greece’s sovereign rating two notches—in line with ratings at Fitch and S&P—Greece’s sovereign debt would be ineligible for ECB repo operations when collateral criteria reverts to the normal minimum thresholds (A3/A- or above) at the end of 2010.

From Tradethenews.com:

“The Greek cabinet will meet March 3 to discuss the additional austerity measures demanded by the rest of the Euro Zone, with an announcement on further budget cuts expected after the meeting. German Chancellor Merkel will meet with her Greek counterpart on March 5. In currency markets, euro sentiment depends on the final shape of Greeces austerity plans.
Considering the Greece story only really caught fire after the last ECB meeting, ECB President Trichet’s monthly press conference on March 4th is a must see. Moreover, the ECB’s three- and six-month special refinancing operations are scheduled to expire at the end of the month. The market will be looking for a bravura performance from the ECB, an institution often characterized as rigid. Real flexibility is needed in the face of unprecedented challenges to the European monetary union.”

Just a few things to think about (besides Jessica’s exquisite form).

And the beat goes on.

On the tube I’m just watchin’ Pacquaio box ‘em up
How would I know HBO would get a shot of us
Sitting so close that we almost got snot on us
-Jay-Z