Thursday, September 18, 2008

Tttttthhllllwwwwopp! (sound of cork popping)

So, at 15:45 EDT, it would appear that you the knives back in the drawer; screw the top back onto the pill bottle; close the upper-floor window; return the "Meditation For Beginners" back to the bookshelf to gather dust; stop filling out the application for that evening course entitled "Retraining 103: HTML For [Former] Traders Who Can't Do Anything Else"; write that check for your children's school fees; and perhaps even open a bottle of the vintage champagne from your cellar that one of your service providers gave when you had sizable business to give, and he had an T&E budget, and toast to the fact the world as we knew it did not completely least not on this September Thursday. Mine'll be a Veuve Grand Dame 2000 thankyouverymuch.


Anonymous said...

This is a short squeeze causing a dead cat to bounce.

normal being said...

I agree.
Nevertheless, the MTL long calls I bought the day before yesterday (at a veery reasonable price) make me smile like a X-mas tree.

burnside said...

Cass, I hope you enjoyed the fizzy widow.

I have darker thoughts this evening.

Anonymous said...

theodore -
shorter-term bounce in a secular deleveraging bear this may be, but i reckon the backstop and the men-with-the-plan (recall "Things To Do In Denver When Your Dead") will provide a reasonable respite 'til the next swoon.

burnside -
please do share...

Normal Being -
My mantra remains: more wealth is/has been/will be destroyed than the authorities will throw at it, and that there will be little new investment as a result and so the entire exercise will - for be deflationary. The packages hurled at markets are but rescue buoys thrown to the leveraged that may perhaps save them until rescue boat finally arrives. The liquidity complex rallies will be stomped and fail until the bottoms are put in. In the meantime these are shark-infested waters and the leveraged are exposed with nothing but a buoy...