The Gaming of Expectations

SP500 and DJI rallied strongly today as the market anticipated and received confirmation from S&P that the AAA rating would remain, at least for MBIA. Not much of a surprise really but the gaming of expectations seems to be the only way to get the inside track on a move these days. One can imagine the downside opportunity for those in the know if a snag were to develop at the last minute on the deal for Ambac Financial. But that is what the markets are left with since the general economic picture seems devoid of meaty move scenarios. Traders know however that even bullshit action can be powerful, so let the big dogs eat. The large cap techs such as AAPL and GOOG are having a tough time of it presently and the overall market will have trouble to produce a bull argument until they sort out a bottom.