In an unexpected twist, after the worst Thanksgiving since 1932, the market rebounded suggesting it may be a Merry Christmas after all. While it's still early to call, developments look promising as the market responded well to the news that the NBA lockout has ended and will tip off in sync with the holiday. The correlation to the market was uncanny as the labor talks after weeks of going no where and breaking down offered a positive surprise and the NASDAQ responded in kind with a 3.52% increase.
When pressed about the recent developments, NBA commissioner David Stern responded that: “We realized we were all being selfish and unfair in our approach and that we should start thinking of the bigger picture. The rumors of Occupy Wall Street moving into Madison Square Garden made us really think about our effect upon the economy as a whole and where all those executives receiving their well deserved bonuses would be spending it this holiday season. We thought, what better place than Madison Square Garden? Also, after getting a call from sponsors we realized that not only had the specter of and NFL lockout put a gloom on the sports related economy, but an NBA lockout as well would be too much. We didn't fully understand our responsibility in delivering our product on time even if it is overpriced and watered down”
In response, couch potatoes across the country rejoiced and market participants did as well in anticipation of an all you can eat buffet for couch potatoes across the country: PZZA and BWLD responded well gaining 5.68% and 8.24% respectively while SAM gave cheers with a healthy gain of 3.41% as MSG finished the day up 10%.
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