Hope is not a viable investment vehicle.
Is it getting better
Or do you feel the same
Will it make it easier on you now
You got someone to blame
The true and tried gotta flipped and fried as Minx slipped in the crimson tide. Folks are pointing to Nortel (NT:NYSE), rate worries, technical resistance--and they all likely played a part. The more disconcerting notion is that the liquidity induced carry trade is starting to fade (which would help explain the smelting). If that's the case, cookie, we better hold onto our helmets.
With my requisite furry worry outa the way, I will again remind Minyans that we're simply approaching the bottom end of the trading band. Hoofy will argue that the tape has held the range despite Boo's double barrel can of whoop ass (banks and semis). Further, he'll point to tight corporates and stretched sentiment in fixed income land as potential signs of hope.
Me? I've got a full overnight plate so lemme take this opportunity to wish ye faithful well. Apologies for the marble sharpness today but, as discussed, I've got a different fish to fry. This too shall pass, a wise man once said, and I've learned from experience that he is often proved correct.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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