Today's Key Market News - Fear and Loathing

Troubling banking news from BNP Paribas (Paris: BNP.PA) in France has helped convince the European Central Bank to flood liquidity into the system. At the same time, troubling implications were spawned from news that Bear Stearns' (NYSE: BSC) CEO is on a desperate money seeking trip to China, a' la Blackstone Group's (NYSE: BX) brilliant sourcing. This is raising the warning flags this morning. Actually, it's more than that, wildfire has indeed been seeded. While the market drunkenly rose yesterday, we were a lonely voice when we told you Fed Chairman Bernanke had effectively taken away the supports of the structure with the soft response to the credit situation as implied by the FOMC Policy Statement.

It takes a ballsy independent voice to move against momentum. Even my Philadelphia brethren, Jim Cramer, backed off of his position as the market rose. Only the Wall Street Greek stuck to his conviction. We have been warning you about a stressed consumer and pending recession for months now. In January, we were viewed as borderline insane because of our fearlessness in expressing these views. So, what are we now?!

The Fed Chairman has effectively killed his own credibility and the market hangs precariously now on the brink of global severe correction. Yes, I said global. These experts who are telling you there is safe haven in global markets are fools looking for water in a house of fire. I think gold is now finally going to prove your safe haven. It will take global correction or concern for capital to find its way there. Meanwhile, the Treasury Secretary is tarnishing his golden ancestry with his cheerleader like commentary. It's tiresome at this point, and definitely not believable anymore, not even for the most naive. We want leadership that is willing to treat us like intelligent peers, not like children to be sheltered from danger!

Please find today's key market-moving news below:


AP/Yahoo!: Futures Indicate Sharply Lower Open
Bloomberg: ECB Adds Liquidity
Bloomberg: Credit Concerns Spread to Europe
CNN Money: French Bank Hit
Financial Times: European Shares Tank
CNBC: Bear Stearns CEO Seeks Capital in China
CNBC: Most Retailers Posting Weak July
AP/Yahoo!: More on Retail Weakness
AP/Yahoo!: Jobless Claims Rise
Yahoo! Earnings Calendar
AP/Yahoo!: Deutsche Telekom (NYSE: DT) Profit Falls
AP/Yahoo!: Blockbuster to Buy Movie Download Firm
AP/Yahoo!: Target (NYSE: TGT) July Sales Rise
CNN Money: Wholesale Inventories Gain
BBC: Musharraf Rejects Emergency Rule
Iran Daily: Tales from the Dark Side

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