« The AK bump, Tues., September 6, 2005, 3:45 PM | Main | Exposing Cramer, Wed., September 7, 2005, 6:26 AM »

September 6, 2005

Wall Street spins Katrina, Tues., September 6, 2005, 4:12 PM

Sam Stovall, who I gather is S&P chief investment strategist (I thought he left the company), has just told the CNBC audience that traders have sent the Dow up in a massive rally because they can see that Katrina is a national media event and a localized economic event."

He ought to be embarrassed. But that, folks, is Wall Street spin.

I don't know which has the highest wind, but I do know which one contains the most hot air.

Sam is now pushing technology. Today the XLF closed at 29.85. Let's see where XLF stands a couple months from now.

Posted by Posted by Bill Cara on September 6, 2005 04:14:04 PM | Category: Cara Investment Reports