They named a street sign after this market, “One Way”. I remember not that long ago, every solitary rip in the market had to be sold. Now every dip must be bought it seems. We had a very tight range in the S&P before yesterday and more shorts were laid in by the skeptics and they paid the price yesterday, further fueling the markets torrid pace higher.
Japan is at zero, we are basically there and England has a little QE2 of their own planned for Thursday I think. Every sector was higher yesterday, and although the copper in your house may in fact be worth more than your house, it continues to explode to the upside. Materials are trading like biotechs with cancer cures and the still broken financials trade with the swagger of years past.
There is a new foreclosure mess that made the news a few days ago, evidently banks are cat fighting with each other because they think they own the same properties. Christmas has come early for the legal community as lawsuits will be filed by the nanasecond. This is what happens when you jam billions into a toxic shell called a derivative that no longer exists. This cleanup (if it ever happens), should be epic. I’m sure XHB will trade higher in spite of it, as nothing short of a small nuke in Times Square can stop this market. Right?
Germany just reported a very bullish manufacturing number and that will certainly add fuel for the bulls this morning.
I just traded a Lee Mazzilli rookie card for some 2 year notes, so despite what you may have heard, there is still a market for our debt.
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