Feeling the burn from the turn? Right on schedule in the risk window. How long or low is anybody's guess, but below 2675 (ignoring dividends) just about every SPX indexer will be under water for the year. 20% of zero is lousy pay for a year's work managing money (assuming they've already burned through the 2% of principal). They might be trying to grab a little something before it becomes a big nothing. On the bullish side of the argument, a Santa Claus rally to bail them out also makes sense if they can figure out a way to give the ole bubble one more good puff.
Regards,
Douglas
Oh, we will get a Santa rally alright...the question at this juncture is...from what level?
