Oct

13

 One notes that since the current Europe-is-a-disaster and the USA is-going-into-recession meme took hold, there have been several rallies — the magnitude of each has approximated a typical year's S&P gains. Each one of these rallies persisted for approximately six to eight trading days. Using the same rubric, today is day seven. Primarily because I only have ten fingers with which to count, I predict that this rally will go to 11. (Ok, I'm joking. The real reason for my prediction is the insights and inspiration that I've gleaned from This Is Spinal Tap.

Victor Niederhoffer writes: 

The sensibilities of those buying the refunding are always hurt by even a
momentary loss, and like night the day the flexions let all the bad
news out before the auctions so these sensibilities will not be
offended. I always think of Enoch Powell railing against a price fixing
board whose sensibilities were offended by a recipe for Bearnaise sauce
that they didn't feel justified an increase during the English march to
agrarianism and the EC.


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