Santa Cruz...
I believe Hill gave an overly optimistic presentation yesterday. How he sees earnings and sales gains when no one else on earth (including his customers) is seeing the same thing is beyond me. Actually, it was more of the same ("the recovery is just around the corner") stuff we have been hearing for a long time. I note that he sees strength in Japan - yeah, right. Japan is really a place you can count on for increased business - you better be wearing a life vest, because it is about to sink.
Probably some good spin in the morning but I look for the markets to turn to the downside and perhaps sharply, unless the PPT comes riding in on a white horse. Greenspan is in a bad spot - to cut rates is a waste of time, but should he drop to a negative outlook to reflect what is going on or should he just pretend everything is ok - either way I think the markets tank.
Just my opinion, though.
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