Hapless short-sellers howling again over the weekend about "head and shoulders breakdowns", myriad Elliot Wave patterns pointing to a "speed crash", etc. made for some easy meat for the Goldman Prop Desk Traders. The tape was turned and suddenly all the fund managers scrambling to raise cash were suddenly buying anything and everything to make sure they were fully invested in the "right stocks" by year end.
Once again showing how easily the Wildebeest Herd is spooked from running from one direction to another. Amazing how Goldman can use its Air Horn to turn the tape and book another $100 million daily "Layup Trade".
Leaving your typical, blue-blood GS Prop Desk trader laughing at his largest clients once again. Don't you hate these guys? Same guys in High School who always had an advance copy of the test answers and always aced the exam despite binge drinking Bacardi 151 the night before.
What was running today? The usual suspects. At least until 2:00pm, an uninterrupted meltup in financials and REITs:
And bonds were unfazed by the huge debt offering unleashed by Uncle Sam, as another 300%+ oversubscription assured that low rates would remain forever, and "Animal Spirits" will run wild among the risk trade speculators.
Performance anxiety cannnot be underestimated among the junior fund managers, otherwise classified as "bankers" by the Junior Leaguers, who do not want to tell their fathers that they are dating a "trader" or "gambler".
Now the race is on as to who can beat the S & P, who can beat the 9999 other hedge fund managers, etc. to get that fat year end bonus.
Imagine being a 26-year old fund manager. And your relationship is on the rocks. Primarily because your 24-year old hot girlfriend thinks you have a dead end job with no potential for huge upside. And your hot girlfriend is being regularly propositioned by Iranian plastic surgeons from Beverly Hills, Greek shipping magnates, professional athletes, Formula One race car drivers from Italy, and all the rest.
And she's "bored" with the relationship. And you know you will never find another chick with a hotter body.
And you have to "make your year" all in one fell swoop during the 4th quarter.
What kind of stocks are you going to buy?
Obviously, there are the "must own" stocks for the year end print. Because if you do not show outsized positions in these on your next mutual fund statement, Grandma is going to fire you and go find somebody else: