More Fun, More Games & More Cracks the market

One of TMN's favourite 2007/08 CNBCisms was "the monoline insurers". Finally AMBAC hit the news today with its well deserved and fully anticipated end: they are done! This in combination with Merkel reminding the market that actually there will be bancruptcies helped JNK quite a bit lower today. Let's face it: the junk bond madness has reached stupid levels one more time again, everyone and their mum raising funds in the bond market. 
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Price action in BKX today pointed towards lower bank revenues from bond issues to be expected. Maybe banks were also down because of the foreclosure story. Or were they down because they still sit on a ton of repriced but still not better quality loans? TMN thinks it would be boring to continue the list of issues right now and is looking forward to CNBC living up to its purpose of existence: informing us in a timely manner...
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SPX retested the "Shooting Star" top of last week again and failed. TMN is expecting possibly another one spike on the actual FED news but this should be it for now. 

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