November 12 CDS Heatmap

Tyler Durden's picture

As expected, yesterday was a CDS bloodbath straight out of Kandinsky Composition VIII. Today's action, which we will post later, will be a page out of Picasso's blue period. The market, even the formerly rational CDS one, is now a leveraged gyrator, which moves only based on how much daily pounding Bernanke feels like administering to the middle class by round-housing each and every green-tinted portrait of Washington, Hamilton, Jackson, Grant and Franklin (and a few more, less memorable ones) that the bald Chairman encounters.

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etrader's picture

Its FDIC friday :-)

2 out the game in Fl

Orion Bank, Naples, FL
Century Bank, FSB, Sarasota, FL


HedgeRoulette's picture

Fabulous resemblence - Seems like some must have missed the Composition VII...
..."Kandinsky's seventh Compositions is the Apocalypse, or the end of the world as we know it"...!
Tasteful journalism. Terrible reality.

Tyler Durden's picture

Something else trivial: Composition VII (the prequel to the current situation) was completed in 1913, the year the Federal Reserve was created.

HedgeRoulette's picture

I am also amazed that PIMCO's most recent "Slogan" sounds straight out of Bauhaus! (the Country B in your earlier reference to PK today)!

Anonymous's picture

Can you please tell me what the source is for the heatmap data? Thank you.

panda6's picture

cds market has never been "rational"'s purely driven by technicals.