Monday, May 10, 2010

Market madness

Last Thursday's 1000 point joy ride provided Wall Street its most bizarre day ever--and there is still no explanation for it. Financial blogger Felix Salmon advised individual investors this is your last warning: get out of the market NOW. The waters are getting far too rough for any but the big boys to play in. 

And if you needed any more evidence that Wall Street has simply become an extension of Wonderland, there was this announcement today by Goldmas Sachs. During the 63 trading days of the 1st quarter of 2010, GS made money ON EVERY ONE OF THEM. This has never been done before in its history, the company said. Commentators say the odds of doing this are beyond calculation. Wall Street is now regularly described as a casino but it won't be long before Las Vegas sues for slander: that description is unfair to casinos and giving it a bad name.

Oh, Goldmas also issued one other statement today. It says it is anticipating further investigations of its practices and possible litigation as a result. Ya think?

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