“Countrywide is leading the market higher today.” I love hearing that headline. Gives me a good laugh. Especially when it is read with such conviction and without any hesitation or fear it will sound stupid. Yep - Countrywide is up about 18% today. Big winner. Nevermind that this same useless headline was used last on October 26th when it went up about the same amount on Mozilo’s positive outlook. Check out Kedrosky’s comments back then. You might want to ignore that it closed at $13.07 on October 25 and then $17.30 on Angelo’s hype. I guess this time it’s different and going from $9.30 yesterday to $10.90 now is impressive. OOPS, that’s significantly lower than the last time Angelo was “leading the market higher.” I am still chuckling and I will do so every time the smarties tell me that CFC is a leader or a role model for why we should be optimistic about stocks. Is Angelo the kind of leader you would want to follow? If martians landed today and said “take me to your leader” please send them right over to Angelo. I am still chuckling. The reality is that CFC is a trading tool. It is not an investment. It is a proxy for short term bets on government bailouts. It’s tough to even call it a stock. It’s like a goofed up derivative with humongous implied volatility that traders love to play. I am still chuckling. Thanks for the good laugh daytraders. Thanks for the good laugh Bloomberg (by the way, I expect better from you). Thanks for the good laugh Angelo.