"What Shall We Buy Today?" - Everything!

Thursday, April 29, 2010, 1:55 PM
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Once again, we find that a moment of market reality is met with an astonishing wall of liquidity, as evidenced by the past two days of gains in, well, everything.  I've seen this particular behavior more than a few times over the past eight years, and I'm pretty confident that I know what it is and where it originates.

On Tuesday, the market reality was the sudden realization that instead of everything getting unequivocally better, there was solid evidence of rot in the debt superstructure of much of Europe, concentrated (for the moment) in southern Europe

Well, wouldn't you know it.  That realization only lasted a single day, as stock futures were mysteriously repaired that night, bonds remained well above their pre-mini-crisis levels, and commodities came roaring back.

One might be tempted to ask, "How is it possible that such a crisis can only last for a single trading day?"


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