Today’s best “to the point” market summary comes from Goldmans “God workers” (hat tip ZeroHedge):
Another down day for stocks. Why? EURUSD down. Why? Gold down. Why? Momentum and technicals – and neither the FED or ECB is ramping up the printing presses any time soon. Unfortunately this is as good as the explanation gets today. Lower unless there’s a reason for it to be otherwise. SPX drops 14 to close 1212 (-1.13%). The DOW closes down 131 at 11823 (-1.10%). The NASDAQ closes down 40 at 2539 (-1.555%).
A great read and 2011 look back today comes from JB of the Reformed Broker, The Ten Biggest Market Moments of 2011:
10. David Einhorn Savages Green Mountain – In mid-October, the hedge fund manager took on one of the hottest stocks in the market, releasing a 110-slide presentation on why Green Mountain Coffee Roasters was his newest short position. Einhorn, known for his very public takedowns of Lehman Brothers and Allied World in the past, laid out a multi-pronged thesis ranging from an overly promotional management team, mysterious transfers of stale inventory, bizarre accounting practices and a looming patent expiration that would lead to a flood of competition. Shareholders sold first and asked questions later – the stock was decimated, losing 30 points, dropping from 93 to 64 within a week and a half. On November 9th, Green Mountain reported a massive earnings disappointment and the stock promptly dropped another 30% after hours. He may have seen his deal to buy the NY Mets slip through his fingers, but in the battle of Green Mountain, it’s advantage: Einhorn for sure.
An up to date chart of GMCR is included below.
What’s your 2011 highlight market moment?