Wednesday, March 4, 2009


I'm guessing that at some point soon Goldman Sachs is going to wish it was an investment bank again.


Foreign markets and U.S. futures are for the most part up big. The market is in a technical no man's land, which is good and bad. Bad in that there is no obvious support around, good in that we could get a huge rally for no reason without hitting resistance for a while, a point I'm sure I have touched on more than once. Bad in the down is bad kind of wealth destruction way, good in that there are always lots of jokers looking for the irony trade, or the max negative second derivative trade, or the exhaustion of the sellers trade, or whatever.

China was up big last night as manufacturing data was a little better than expected and round two of the country's stimulus plan is set to kick in.


I need to go into New York today to see some people. New York City is not my favorite place, especially when it is too hot, too cold or too windy. Clearly it's going to be cold today.

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