1. I ripped Melo for his weak play in game 1 of the Knicks-Celts series so I have to give him credit for a great stat line in game 2: 42 points on "only" 30 shots, 16 rebounds, and 6 assists with only 1 turnover. Nice. Of course, the Knicks still lost.
2. As of 11:00 am CDT, the Dow is up 1.6% and the NASDAQ 2.0%. Somehow I must have missed where S&P took back its debt-downgrade threat??
2 comments:
Notwithstanding the bad business of attempting to attribute market-wide movement to specific events, surely the answer on #2 is that S&P added no new information to the market.
Indeed, at this point I would have thought we were universally disabused of the notions that the US government debt situation was good*, or that debt-rating agencies added value.
*and also, the US has the blunt instrument of currency devaluation in its hands. Whatever else it is, the sovereign debt crisis in your country is not very similar to the ones in the PIIGS.
Yeah, market adjustments only occur because of NEW information.
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