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Victim Or the Crime?


Global central bank initiative only masks disease.


Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also The Great Expression.

Good morning Minyans and welcome back to the world's wildest reality show. We power up to this frisky pup to find global central banks trying to stem the tide and shift the ride. This is the rabbit stew in the magic hat, the coordinated effort we expected into options expiration designed to get the most bang for the buck (and, quite hopefully, unbreak it).

A few thoughts as we ready to rumble:

  • Stocks are a thermometer but credit is the backbone. The global central bank initiative addresses the former but the latter matter will determine whether or not it succeeds. In short, it addresses the symptoms but masks the disease.

  • I did four video segments this morning with our friends at Yahoo Finance (which I continue to believe is the most powerful television station in the world). We touched on the changing face of Wall Street, the opportunities ahead, the crossroads where we currently sit, the blame game, the necessity of financial awareness. We'll have 'em all on Minyanville in short order so no worries there.

  • While I foresaw the changing face of the Wall Street race, the specter of the brokerage sector "disappearing" is a shocker, even to me. IF Mother Morgan (MS) gets married, that would leave Goldman (GS) as the last Duke standing. From there, it remains to be seen if they'll buy a commercial bank or vice versa.

  • Has anyone else noticed that the shelf-life rallies has diminished with each subsequent initiative? That's sorta like the time between thunder and lightening getting closer and closer until the storm arrives.

  • How do you trade this tape? Smaller, for one, as a function of volatility and illiquidity. I will also remind Minyans that the ability not to trade is often as important as trading ability. I love risk as much as the next guy ("danger" is my middle name) but price discovery is a process rather than a point. The goal is to arrive at better days and easier trades.

  • We will, of course, monitor both risks and rewards in real-time on the Buzz & Banter. That's why we're here and that's what we do.

  • Deep breaths Yo. We're a scant eleven hours away from red spoons and great tunes.


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