Buy program(s) pulled the market up at the end on Tuesday. Bulls will need more firepower today to sustain any momentum.
I guess that 50k more job losses than expected for Nov. and an extra 20k job losses than reported for October was already baked in.
A solid close at the 860 level would be a start on the journey to your 887. A close under 840 wouldn't be very positive.
a close under 810 wouldn't be very positive. 840 would still be range bound for the past couple of days.
Fortress Halts Withdrawals <i> Fortress Investment Group LLC halted withdrawals from its largest hedge fund after investors asked to pull $3.51 billion by year-end. Redemptions from Drawbridge Global Macro Fund Ltd. include $1.5 billion in requests disclosed last month, the New York-based company said today in a filing with the U.S. Securities and Exchange Commission. Fortress didn’t say when investors will be able to get their money. Drawbridge Global Macro lost 13.5 percent this year through Sept. 30, leaving it with $8 billion in assets, the company said last month. The fund will have an estimated $3.65 billion in assets as of Jan. 1, based on redemption notices received, suspension of those redemptions and an anticipated restructuring, Fortress said in the filing. </i>
Is it weird that's there so much panic at a hedge fund that lost 13% over a period where the overall market lost 20%?
Another gem of a chart from TK ... A double top pattern on the VIX. A break below 52.50 should seal the deal.
Furious selling into the beige book, furious rally afterward... it's making me sea sick just watching the tape.
LOL. The market sells off in anticipation of bad beige book data, and then rallies back when the bad news arrives. Services sector in the green already.
I think some Mutual Funds have restrictions on the amount (%) of cash that they can have. So they are forced to be in the market even when a reduced exposure would be safer -- wiser. Hedge Funds have minimal restrictions on investment choices and <i>supposedly</i> the best people running them, so they should be able to navigate the financial markets better than most. Finally, some of the Hedge Funds were probably too aggressive and didn't <i>hedge</i> properly (if at all).
Most of the hedge funds that are puking now are the ones still reeling from the long-energy-short-financials fad that blew up in July.
That's the problem ... many didn't. Even one of T Boone Pickens funds reportedly lost like 35% as a result of that trade blowing up.
