Richard Please Save the Dow
If only we could hire Richard Harrow (from HBO's Boardwalk Empire) to execute the idiots responsible for plunging our stocks since last week. In the past four trading sessions the Down Jones has erased 225 points. The S&P has fallen 2.23% since last Friday and its all thanks to negative EU headlines. Volatility has made a triumphant return.
The iPath S&P 500 VIX Short Term Futures TM ETN (VXX) jumped 3.4% and since Tuesday its up more than 11%. Finally the VXX is off its everyday decline and closed today at $9.57 a share. Today the poison flavor was Spain, fear of a Spailout (so elegantly coined by CNBC) brought stocks down a for a 4th consecutive session. Mind you its been headlines and reactions to 'market experts' that the EU can't get their shit together that has dropped stocks like a Richard's moral after Jimmy was whacked. Profit taking along with negative EU media stories has sunk U.S. equities since last week. Could it be all the high frequency trading that has introduced volatility back into the market? The world will never know.
What we do know is that fear has proved time and time again to rule the market. Fear made its way to the dinner table again and with a looming "Fiscal Cliff" is made our thesis Next Year Stocks Could Tank (or Sooner) ring true.
Sorry Masters but the Hip Hop Pool Party for Equities has been brought to a sudden stop. Party's over, everyone out of the pool. The headlines and EU buzz could flip the bullish switch tomorrow then its back to the rally. We wouldn't be surprised to witness that occur given the haircut in stocks we've experienced this week.
That's why we want Richard to come to the rescue and make it all right. The world needs more courageous and righteous people like Richard Harrow. Too bad he's just a fictional character.
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