AIG loses $10B, Countrywide loses $1.2B..Stocks up big

Microsoft comes out with good numbers and the blinders come on. Ignore this. What's $10B in losses among friends? Move along folks, nothing of importance here. Don't you know iPhones and Halo 3 are selling so all is well.

And for today's funniest headline: Countrywide to be profitable next quarter. If anyone believes this, I have a bridge in NY I'd like to speak to you about. Shares are up 16% today. A better short has not existed for a long time.