I took about 4 hours of sleep last night and woke up to Bloomberg TV at 5 am. China was off about 9%. I rolled over and knew things were headed down in the U.S..........to be expected and overdue. There will be some chaos, no doubt some hedge funds will be in trouble and Wall Street trading desks will circle the wagons to feed on those clients, "near-death". Everybody loves a big loser on Wall Street, it makes the bonus's bigger.
My concerns are the health of the Chinese market infrastructure, the mortgage market here in the U.S. as option ARM's haven't stopped the foreclosure carnage, higher gas prices and leverage in the hedge fund universe. 416 Dow points aren't much. An old favorite of mine, Cogent (COGT) was up over 3% today, an amazing performance.
Ask yourself, what's changed?
Maybe the Goldman Sachs "guru's" who run the NYSE should invest some more money into some new Cray's. They need more computing power, not more specialist firms.
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