Markets ended up big today. The yen is the most obvious reason why. Everything was pretty much up on light volume and seasonality issues. Don't know if we are going to continue to rally or not, but the bulls are making it look like business as usual.
Read an interesting article on the prudentbear.com by Ed McCarthy. I think he is right when he talks about the inability of policy makers to slow down the economy. The HF community/private equity crowds ability to create massive amounts of credit outside the banking system is truly amazing and it keeps growing. It just moves from one sector to the next. The notion that any regulatory body or PPT is going to be able to save this system when something really unexpected comes around is laughable. Over the last 10 or so years through Greenspan, the system has become deregulated to the point that no one can stop it and wall street is convinced that the system is indestructable.
As for trading. It was a trend day on shit volume.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment