Can someone call the CME and ask them if they have outlawed selling of S&Ps?? The calmness and persistence of SPU buyers is simply amazing - most traders I talk to are numb to the trading environment at this point. They cant really figure out how and why we have reached the heights we currently find ourselves at. Remind me that the next time the US govt goes all in that I should buy futures and not look at them for 8 months or so...
Yesterday GE said that Commerical Real Estate is problematic, some insurance group said they are facing large losses in CRE and yet today and everyother day for that matter the REITS chug higher - shrinking their dividend yields and juicing their FFO multiples - Im just not smart enough to understand this price action. This is up there with some of the worst trading periods of my career - the lack of intraday volatility combined with a one way train to the moon is a lethal (i hope not) combination.
Anyways - the fed is the last piece of news for today - which more than likely will be a non event.
JB
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