Just when you thought the market had reclaimed some sense of normalcy…think again. We had started looking at the good AND the bad, not merely the former. The shorts began to play again and then yesterday, for whatever reason (India, GS et al repaying TARP…), the market took off on its 45 degree linear trajectory toward the heavens.
The volumes were light again though and this is something which is being talked about a lot as a sign of conviction lacking in the rally. Were this the start of a bull market, volumes would be a lot higher.
GBP continues to rally hard, making 5 month highs, as do other risk assets…that correlation is right back on track. Cracking the markets at the moment is all about getting the direction of the Spoos right, which is proving increasingly difficult…and that’s saying something. Sometimes, in explaining these moves, I can’t offer much more than this kid…
The volumes were light again though and this is something which is being talked about a lot as a sign of conviction lacking in the rally. Were this the start of a bull market, volumes would be a lot higher.
GBP continues to rally hard, making 5 month highs, as do other risk assets…that correlation is right back on track. Cracking the markets at the moment is all about getting the direction of the Spoos right, which is proving increasingly difficult…and that’s saying something. Sometimes, in explaining these moves, I can’t offer much more than this kid…
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