Friday, May 29, 2009

Yowsa Rip Rip

I hope you were in a Clubhouse or on your boat or at an early happy hour during the last 10 minutes of trading today. The U.S. markets ripped higher, but if you're reading this you know that.

There is a vigorous debate going on in the blogsphere and the financial media right now about whether the move amounted to last-day-of-the-month market manipulation. My guess is that some big big guy was short and couldn't take it any more. Had he been short since early March, and getting buried, the extra percent or so that he lost to get flat is probably tolerable. I didn't see too many individual moves that were remarkable so it probably wasn't some one or group marking their own book.

Enjoy the weekend.

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