Powder Blue Report

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Monday, May 01, 2006

Thank You Maria Bartiromo

This is a funny story. I was trading the E-Mini S&P 500 today like I do everyday. I had shorted a couple of contracts earlier in the day because the market rallied up a little on the open, but then started selling off a little into mid morning. Well the market then was just kinda stuck going nowhere until the CNBC info babe, Maria Bartiromo told all the viewers of a conversation that she had over the weekend at the White House Correspondent's Dinner with Fed Chairman Ben Bernanke. She told people that the Fed Chairman thought their comments were misinterpreted last week and that they will still raise interest rates if they need to. That was all it took for the stock market to start plummeting immediately. So I just want to send my thanks to Maria and her big mouth. Memo to Ben Bernanke: you might want to make sure you don't say inflammatory things like that in the future lest you value your job. I guess I'll just chalk it up to a rookie mistake. It certainly made for a profitable trade for my clients today though.


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