One week ago, in the aftermath of the junk bond tremors unleashed by Third Avenue (which are only just starting) we reported that there had been a historic revulsion toward fixed income fund flows, with unprecedented withdrawals in virtually every bond class, from Investment Grade, to Junk to bank loans. We quoted Bank of America as follows:
If you bring forth that which is within you, that which is within you will save you. If you do not bring forth that which is within you, that which is within you will kill you. No external god. You and we are what you and we are looking for.
Unleash 'The Andy Hall Algo'... it seems the quarter-, year-end mark-ups may just be required to maintain 'some' hedge funds and hold off liquidation for another quarter...
Some context for this latest "The Bottom" in oil...
Even stocks have stopped playing along with oil's silly game...
What next?
For those stuck watching algos frontrun today's market paint drying, here is the full calendar of today's early market closures.
Floor Trade:
Electronic Trade:
After a furious three day "dash for trash", no volume, no breadth, commodity-driven rally, even Santa is now exhausted and overnight US equity index futures were little changed with European and Asian shares mixed. The dollar has declines as gold, silver gain, with WTI initially continuing its recent meteoric rise (up over 8% in the past three days, nearly hitting $38), only to reverse and give up all overnight gains moments ago.