from NY Times...
Buckner said while traders and others will point to any number of triggers or catalysts, such as Greece's debt woes or a fat thumb, as causing Thursday's rout, which included the Dow's biggest intraday point drop ever, he disagreed.
"I'll be surprised if that's the case. There's heavy pressure and uniformly excess positioning on the speculative side across multiple sectors, including equities as probably the worst," said Buckner, who also cited metals and energy.
After hitting lows produced by the worst financial crisis in 70 years, stocks jumped about 80 percent, copper prices nearly tripled and crude oil rose 250 percent driven by direction bets placed by speculators, Buckner said.
"Multiple sectors were exposed to these excesses," he said. "By our measurement these are greater speculative imbalances than even the fall of 2008."
NuWave has a special perspective on the market as it holds long-short and market-neutral positions, and as a commodity trading advisor, operates managed futures, Buckner said.
"From our perspective I think it's not surprising to us that there are massive corrections in store, and from today's action we didn't sense there was anything other than a cascade of speculative positions triggering stop losses."
from NY Times...
Buckner said while traders and others will point to any number of triggers or catalysts, such as Greece's debt woes or a fat thumb, as causing Thursday's rout, which included the Dow's biggest intraday point drop ever, he disagreed.
"I'll be surprised if that's the case. There's heavy pressure and uniformly excess positioning on the speculative side across multiple sectors, including equities as probably the worst," said Buckner, who also cited metals and energy.
After hitting lows produced by the worst financial crisis in 70 years, stocks jumped about 80 percent, copper prices nearly tripled and crude oil rose 250 percent driven by direction bets placed by speculators, Buckner said.
"Multiple sectors were exposed to these excesses," he said. "By our measurement these are greater speculative imbalances than even the fall of 2008."
NuWave has a special perspective on the market as it holds long-short and market-neutral positions, and as a commodity trading advisor, operates managed futures, Buckner said.
"From our perspective I think it's not surprising to us that there are massive corrections in store, and from today's action we didn't sense there was anything other than a cascade of speculative positions triggering stop losses."
Yeah, man, I am back. And hell no that move last Thursday was no "error." The world couldn't possibly be more fundamentally negative as far as the economic future. Too much debt-----don't need a PhD from Wharton to deduce that one.
A lot of hype on the Jets, man. I liked them a lot for this year before all the hoopla started.
Yeah, Koaj, with all the hype and hoopla on the J-E-T-S Jets Jets Jets, hard to see them realizing the expectations now.
Had they and the media just stayed low key this offseaon instead of signing washed up RB and problem child WR and has been pass rusher and coach always yapping and then the HBO crap, the Jets had a legit shot to win the Super Bowl, barring injuries and getting a few ball bounces, of course.
Cheers
PS Isn't the last 14-15 months in the SP 500 a bunch of smoke and mirrors? Man oh man is the trap door going to get pulled on the little guy in time.
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