...who have reached a level of complete disgust with equity markets in a period of unprecedented central planning. Here is Peter Tchir of TF Market Adivsors asking some very critical questions, which would probably be best directed to the Great Chairsatan.
From Peter Tchir of TF Market Advisors
Is it just me or is the price action getting more difficult to explain? Being wrong is not new. Being right for the wrong reasons is also not new, but usually you can at least point to some bit of data or news and see how it impacted the market.
For the past week I've been struggling to even do that. One day stocks are up on news that Japan is less bad than feared, which would make sense except the Nikkei was down that day.
Some days rising oil prices are bad. Others its good.
Economic data has been just as confusing. We rally on bad numbers. We rally on good numbers. We sell off on good numbers. We sell off on bad numbers.
US stocks rally on Irish stress tests, but Irish bonds sold off on the stress test, but European CDS tightened, but US credit widened. Go figure.
Some bonds are bid without, others are offered without, and again, no obvious reason for such a discrepency.
The only useful inside information would be which stocks Warren is going to buy, but I'm told that's not actually inside information.
Maybe I'm the only one confused and find the moves hard to explain and can't figure out why the relationships between markets is breaking down, but I suspect I'm not the only one, and its not necessarily a good thing. SPX 1200 or SPX 1400? Who knows? I'm not even sure I know what news would take us to either one.