Stock market players don't have any great motivation to jump in. Traders are thinking they will have a chance to pick up shares in the traditionally weak month of September and don't seem to feel any need to commit capital. It is more of the same from this desk.
I am hearing the cocktail parties in the Hamptons are going well and things look quiet going into the Labor Day holiday. Nothing new there.
Todays piece on PIMCO and Bill Gross was an eye-opener. Gross not being able to handle the pressure of increasing volatility in his bond fund and going to his home and hiding out for 9 days was rather comical. A near billionaire heading into seclusion when things get rough? Not the type of behaviour out of someone handling way north of half a trillion dollars that seems right, nor logical.
Maybe he should take a real break. A full-time break.
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