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2/25/10 Midfternoon Report: Goldman Sachs seeks nobel prize for literature after (under)writing biggest Greek tragedy since Euripides

|Includes: The Coca-Cola Company (KO), PALM, SIRI, SMSI

Greece's debt issues are once again scaring the market like the snake ridden visage of the famous gorgon from ancient Greek mythology known more familiarly as Lady GaGa.  Rising debt, a spiraling deficit, and a massive bidding up of CDS by traders betting against Greece has created somewhat of a Foucault current around the Greek islands which is now threatening to pull the entire EU and global economy in with it.  Greece hasn't been in such imminent trouble since the Battle of Thermopylae and they can only hope that the bankers whom they used for currency swaps did not run to the other side and push up the price of CDS with their inside knowledge of the obfuscated rising Greek debt and hence betray them like Ephialtes did in that same battle.  Moody's is now threatening to downgrade Greece (perhaps to Jamaica, or maybe even Puerto Rico), so the global markets are very skittish today, since we all know how great Moody's is at predicting debt defaults (except when they happened to miss something called the entire global financial system meltdown).  As if the Greek issue weren't bad enough, the EU came out today (luckily their parents already knew) and forecast 2010 to be a year of fragile growth, even more fragile than the tears of a newborn unicorn upon learning it is just the figment of someone's imagination.

 

In US macro news, orders for durable goods excluding transportation fell .6% which was below estimates of a 1% gain though they rose 3% when including the jump in aircraft orders.  While durable good orders may have been down, non-durable goods orders or as their better known as, "shit made in China," appear to still be doing very well.  The new claims for unemployment number was also out today and it was much worse than expectations as it was....READ MUCH MORE INCLUDING THOUGHTS ON SIRI AND PALM Qs AND KO'S ACQUISITION....

Disclosure: Long KO, Long WILC