RECAP

The bulls got beaten up today. Murdered would be a better word. The worst part is that the indices recovered from big losses and went green at 2pm ET with the Dow erasing a 100 point loss and going up 25. Than part II of the massacre took place with a more than 150 point Dow loss in the final two hours of trading. Dow down 129, Nasdaq 22 and the S&P 16. The S&P in particular is facing heavy resistance at the 1515 level. Transports, utilities , housing and oil were beaten up today. The Qs and tech in general were better relative performers.

Netflix shares took a drubbing as Blockbuster introduces lower priced subscription to its online rental service. Was it not too long ago when NFLX was rumored to be an AMZN buyout target ? Hmmm how things changes in a short span of time.

Blackstones bottom line financial hocus pocus ? Like anyone cares. They will all buy the IPO and race to the exists. When money is cheap and plentiful, you do not ask questions.

Surging bond yields are being blamed for the market drop. As the cost to borrow becomes more expensive there will be a drop off in buyouts. I would not be surprised to see a few current deals get quashed as financing issues arise.

Mortgage defaults surged 90% last month according to RealtyTrac. Where are all those clowns that were on the financial networks proclaiming an end to housing and subprime woes ? They should all be brought on national television and flogged. Good thing they do not live under a totalitarian regime or else they would be executed for their bullshit ANALysis.

Congress is being urged to double tax rates on hedge fund managers and private equity managers. If this bill passes I would buy up a lot of luxury real estate in tax free havens like the Caymans. Hedge funders and Private equity will be migrating in hordes.

Well after today crazy market action lets see what the next 24 hours brings.