This past week has been quite the euphoric ride straight up on seemingly nothing but hot air spouted out of the mouths of the CNBC chatter heads. You gotta give it to them, CNBC that is, they have orchestrated a pretty good pump, their sentiment has done a complete 180 in the past month. It went from “How low can we go?” to “How high can we go?” “Is it too late to get in?” blah blah blah.. Anyway, all the BS does not even matter, what does matter is earnings. There are some big names reporting this week, the primary focus is Goldman Sachs and Google. Goldman is rumored http://adjix.com/kr3y, to smash earnings, SECOND highest profit in the company’s history. My opinion on trading this rumor is to play sentiment, if it looks like its gonna smash buy some calls, maybe 150 Mays. Denninger seems to be on the right track about Goldman and its hedging of the CDS’s over at AIG.