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 the most famous actress 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.
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.
“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.