Friday, September 18, 2009
A short post today, as Macro Man is tied up with various errands this morning. Suffice to say that markets feel nervous in a way that's been largely absent during the past couple of weeks' rally.
Maybe it's the volatility that always lurks on triple-witching days. Maybe it's the late-session swoon taken by Shanghai- though contrary to Macro Man's expectations of a few weeks ago, developed markets seem to have shrugged off eyeing Chinese stocks for short-term guidance. Maybe it's negative headlines on Lloyd's...it seems like the first time in a while that we've seen negative news on banks get serious airplay. Or maybe it's next week's autumn equinox, which is getting some attention as a possible source of hocus-pocus to derail the risk asset rally. (Paging the sky dog....)
In any event, after such a sharp rally in recent days/weeks/months, the market feels overdue for another look at the downside...even such a look once again fails.
So really...Macro Man can't blame markets (or himself) for feeling just a little bit nervous...