Do NOT Blink….You might miss something good like Nasdaq 10,000! Which is interesting, because first thing this morning the market was collapsing under its own weight as Treasuries were bought and hedges started to look attractive again. It seemed as though the last 2 weeks of covering/squeezing had come to an abrupt end. The proof was in the momentum reversal and curve finally flattening, as some of the best performing cyclicals from the past 2 weeks were put back in their place (lower). See: energy, financials and airlines. However, you can’t keep a “good” market down and the invisible hand came back in to buy mid-morning, leaving the markets in an optically meh day of losses, down just 70- bps from almost double that earlier in the day. Apple also helped, of course, rallying over 3% on news that it will shift its own main processors in Mac computers. The pain is real.
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