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Saucy Sallie

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Given that Slick Sally is down 10%, and the S&P and Moody's are downgrading debt (not to mention the fundamental snafus of late), it's time to monitor risk, not chase reward.

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Lay down, sally, and rest you in my arms.
Dont you think you want someone to talk to?
Lay down, sally, no need to leave so soon.
Ive been trying all night long just to talk to you.


-Eric Clapton


I see the S&P hanging tough up six handles. I get that reaction to news is more important than the news itself. And I understand that banks (BKX) are already down 5% from the end of June.

But let's take a step away from the flickering ticks and think about this for a moment.

In December, at Minyans in Manhattan-Critter's Choice Awards, keynote Steve Galbraith, the uber-savvy strategist from Maverick Capital , opined that a "big, broken private equity deal" could be the catalyst for some serious downside smackage.

I'm not sure if this is "it," but Sallie Mae (SLM) is a pretty big deal. Given that Slick Sally is down 10%, and the S&P and Moody's are downgrading debt and (not to mention the fundamental snafus of late), it's time to monitor risk, not chase reward.

I'm still of the opinion that we've yet to see the Debbie Downer today and this news adds weight to that freight. Not advice, just sharing and caring.

See the top line vibes from Minyans in Manhattan here and here.

R.P.

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