Gershwin's Summertime is written in a minor key which gives it a dark, listless feeling like floating down a river on a hot, humid day. The generally optimistic lyrics are incongruent with the minor key of the melody. If it was written in a major key it would be completely different, but he chose minor. The song gives the listener a sense that things are not really so wonderful and the "living is– not really that– easy".

As the optimistic stocks market drifts ever higher and higher in the summer heat, the bond market is playing a minor key melody. Bond volatility is higher than stocks, and their role as substitutes for one another has changed, giving the listener a sense that the living is not that easy. Then again, maybe it is just summertime trading.





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1 Comment so far

  1. George Papas on August 7, 2013 3:04 am

    Excellent analogy Mr. Coker. And how about the lyrics, I think we all know who daddy and mammy are.

    “But until that morning
    There’s a’nothing can harm you / With your daddy and mammy standing by “


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