Friday, December 19, 2008

The Twelve Days of Christmas

It's Macro Man's last day in the office of the year, and hence time for a bit of holiday fun. While Macro Man hasn't the energy to concoct anything this morning, at least he can pass along the tune that the fellow next to him was humming on the train this morning.....

On the first day of Christmas, the market sent to me,
A huge loan from Ben Bernanke.

On the second day of Christmas, the market sent to me,
Two year swap spreads and
A huge loan from Ben Bernanke.

On the third day of Christmas, the market sent to me,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the fourth day of Christmas, the market sent to me,
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the fifth day of Christmas, the market sent to me,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the sixth day of Christmas, the market sent to me,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the seventh day of Christmas, the market sent to me,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the eighth day of Christmas, the market sent to me,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the ninth day of Christmas, the market sent to me,
Nine dancing ladies (until the entertainment budget was canceled),
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the tenth day of Christmas, the market sent to me,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the eleventh day of Christmas, the market sent to me,
Eleven ABX marks,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the twelfth day of Christmas, the market sent to me,
Twelve hedge funds closing,
Eleven ABX marks,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and....

A huge loan from Ben Bernanke.

While Macro Man will not return to the office until January, he'll continue to offer occasional thoughts in this space over the Christmas period. He wishes all readers a happy holiday season and a prosperous new year.

21 comments:

M.G. said...

I would like to wish you Merry Christmas and Happy New Year.

I just drop this quote of 2008

Anonymous said...

Same to you Mr Macroman, lots of Kiwis love reading your blog here in Auckland.

Some one with deep pockets is buying EURJPY at 124.50

Macro Trading Ideas said...

It's last day in office also for me, and we leave with a series of credit cut, just to be happier!!!
Merry Christmas and Happy New Year to everyone!!!

Macro Man said...

Well, short sterling today has given someone either a very large present or a very large limp of coal. 125 bp round trip in 5 minutes...yowsah!

Anonymous said...

yeah my stops are so tight they are religious

seriously someone is selling a truck load of yen and buying euro

SD said...

Merry Christmas and Happy New Year to the entire MM family! Read you next year!

Damcanu said...

Best wishes MM, to you and your family from South Wales. Nadolig Llawen to all.

------------------------------

Xmas Welsh lesson anyone ???

English to Welsh translation:-

speculate
(v.) damcanu [damcan-]

Anonymous said...

One of the best.
All good wishes to you and your family.

Margintale said...

Trades dont take time off, everyone knows this...

Anonymous said...

Merry Christmas and Happy new year

Anonymous said...

uh oh, with you guys gone the markets will be yanking around worse than 1st 1/2 of the month!

credit measures improved further, high yield bond funds bounced, and dubya has provided a little downtick in treasuries thus far with tarp for autos
-deacster

merry Christmas!

Macro Man said...

I'll still be keeping an eye on things, never fear.....

Manc Trader said...

Great post.
Merry Christmas to you and your family MM.

Anonymous said...

Happy Hols to all, I certainly echo the sentiment for a prosperous 09, and thanks for the daily MM.
Cheers, JL

martin said...

Merry Christmas (let's ban the "X") to you and the Macro family. Have very much appreciated your insight and wit through the Fall of 2008.

Anonymous said...

HAHAHAHAHAH!!!!! that is HILARIOUS!! hahahahh.... thanks Mr Macro! best blog running, one of only 3 i read daily! have a good xmas :)

"Cassandra" said...

Bravo, MM.

Happy xmas!

Anonymous said...

Brilliant! Best wishes and happy holidays from New Jersey.

Anonymous said...

Silent bid, holy bid
All is gone: no more quid
Ten yards down from high water mark
Jerome 'n' Bernie, they played their part
Short and heavily freaked
Short and heavily freaked

Silent bid, holy bid
Toxic waste, can't get rid?
Goldman's minions they work their book
While in office by hook or by crook
ZIRP, their savior is born
ZIRP, our nation folorn

Anonymous said...

Merry Christmas!

Nancy Smith said...
This comment has been removed by the author.