The month going out and most of the things went with the program, except that the bonds face some headwinds. As the liquidity tightens a bit, eurodollars fell a bit ahead of the curve. A few days then it might be a buying opportunity, with all the talk that the fed isn't going to hike the rates as much next year.
The Jpy did some similar sort of goodbye kiss spike as the eur did friday. I sense resistance here and there, especially in the majors. The gas appears to have given some players a greek treatment. Today is 'fess up day and it re-tests a september low at just 4.50s. With new problemms in the middle east, oil & gas is actually cheap, but never underestimate market mechanics (and the avalance of destruction by a few harmless flakes, working together). We come off lows and first some positions must be unwound, whatever the price might be.
As for the stocks, there is a little short covering but no one is aggressively buying yet, it wouldn't make any sense right now. If the fish is buying, so be it, most of the money has ben made. Warren Buffett sits on a chest in the billions, yet sees no compelling investment opportunity. Well, the market isn't for everyone... |
