Cheers On The Floor After Spitzer News

New York Governor Eliot Spitzer has told his aides that he was involved in a prostitution ring.  He held a brief press conference and apologized.  After this news was released, there were cheers on the floor of the NYSE.  Nobody likes a hypocrite.  Spitzer has come down hard in recent years as attorney general on Wall Street firms, their CEOs, and many others.  He even attacked these people personally.  Comical but sad especially for his wife and 3 children.

The stock market seemed to sell off further after this news came out.  But, I seriously doubt that had anything to do with it.  Not much news today but just more selling.  Oil is near $108 per barrel and some of the agricultural commodities are up again with wheat going up over 5%.  More of the same.  The things you must have going up in price like corn, wheat, & soybeans while the things you want going down in price like electronics. 

No trades for me today.  Just sitting on the sidelines observing.  Not a bad place to be right now.

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