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That refrain sounds awfully familiar, but I can't quite put my finger on where I've heard it before.
However, since a bank analyst said it, it must be true. Those guys are never wrong about anything. Incidentally, analysts are currently predicting an earnings increase of 7% for S&P 500 companies for the full year of 2008 over 2007. This would imply a very large bounce in earnings in the second quarter.
Even my one year old thinks that is a bit far fetched, and she spends most of her day repeating her mantra: "gum gum gum."
In other bullish banking news, UBS Chairman, Peter Kurer said the bank won't be asking investors for new funds. Well, that's a relief. If the Chairman says they won't raise anymore money then it definitely must be true.
After all, UBS hasn't screwed up anything important in the past six hours or so.
Maybe Mr. Kurer has yet to factor in any of the cash the company is going to have to shell out to cover the settlements with the various regulatory agencies it is entangled with. Even bear markets experience the occasional bounce, so I'll let the Bulls take over for the morning. We'll see how long this rally can last.
Source: By Mock The Market http://mockthemarket.blogspot.com/
Posted July 2nd, 2008 by Armen Hareyan
