Put your tray tables up and your seats in the upright position.

Woke up this morning, got myself ready for a repeat of Feb 27.
China GDP up 11%, market sells off on rate hike fears, Spoos down 10.
Good thing Blackberry was working, never knew that the umbilical cord is actually used to make PDAs.

Reasons market rallied off of open: financial's earnings looking good. Sub-prime fears already played out. Everyone remembers that since that bottom in March, market has made new highs. Hence, buys the dips until it doesn't work. Tomorrow is options expiration, getting paid to have that gamma.

Merger arbitrage still active. Clear Channel gets higher offer, IPS trades up with material stocks lower.

Biotech madness continues with a nice double off the wall in left center for Amgen.

Getting a lot done in the banking world. Seems demand for capital at these levels is strong. Commercial Real Estate investors don't mind the 6% returns.

See you soon.

stocks