Poco da aggiungere alla giornata di ieri, se non che i mercati continuano incessantemente ad avanzare.
Bull market ben saldo – pur senza volumi – Dow, S&P e Nasdaq hanno fatto nuovi massimi, anche se ora una correzione sul breve sembra essere imminente.
Another day, another time
Da segnalare che quasi la metà del listino in questi ultimi giorni ha raggiunto i massimi annuali : altro importante elemento che al momento fa propendere per una continuazione del bull market.
E naturalmente, nel corso di pochi giorni sono cambiati i toni, ora i cattivoni ribassisti e gli acquirenti dei CDS non fanno più paura :
Recently, a simplistic analogy has surfaced and been repeated that compares CDS to fire insurance.
People who use this analogy point to insurance law prohibiting individuals from buying insurance on a neighbor`s house so that they will not burn it down to collect the insurance proceeds. Under this analogy, writing naked CDS is equivalent to buying such insurance and committing arson and should therefore be banned.
The analogy leaves some important points unsaid: How, for example, can buyers of naked CDS actually burn down the house?
It is important to remember that for every buyer of CDS there is a corresponding seller who benefits when the reference entity’s credit quality improves.
It is unclear how such activity alone can lead to a default by a sovereign government on bonds it has issued.
Such claims ignore the commonsense facts available and fail to show either cause or effect.
These claims also ignore short selling activity in Greek government bonds, which certainly has a greater effect on Greek bond prices as it involves selling the actual instruments in the market.[…]
Ancora per poco, ed alla prossima crisi di uno stato sovrano ripartiranno le solite litanie.
