This content is restricted to those people currently on the “weekend notes” email distribution. If you are currently on that distribution and would like access, please contact Eric Peters directly and we will provide a Username and Password.
Overall: Week #6 marked a violent end to the bullish capitulation trade. VIX jumps to 41 from recent lows around 15. Greek 2yrs trade 18%. Fat fingers get blamed for Thursday’s plunge but we all know the story is far bigger. Pimco’s El-Erian provoked panic with view that “crisis is on verge of going global”. If it does go global, panic will be the standard response. Every p
Overall: Week #5 of bullish capitulation ends with VIX jumping 5pts. Trench warfare between (1) Greek and Goldman drama plus more China pressure to limit property speculation, and (2) Blow-out earnings and improving global growth leading to rising forecasts for ’10 & ’11. I met 22 investment firms this week and found only one unabashed bull (interestingly he was Chinese). Investors
Overall: Week #4 of bullish capitulation and we seem to be accelerating. Goldman fraud, Greece yields exploding higher, Obama beating on banks with Volker rule. And S&P’s surge to new highs. Betcha guys spend this weekend saying “if we couldn’t get a sell-off this week, we may never get that dip to buy”. Die hard bears must be suicidal. Sentiment measures show retail i
Overall: Week #3 of the bullish capitulation got sucker-punched Friday afternoon by Goldman investigation tape-bomb. That and Iceland volcano provides bears two new triggers (out of left field) to sell market. Fri brought a round of salesman/strategist missives calling for 7-10% equity correction – guys still seem eager to call a top. Goldman news and Obama’s growing push for Bank Ref