--Senator Vernon Trent (Hard to Kill)
Chart gazing today revealed a number of interesting data points. High yield bonds got smacked, while high grade corp and Treasuries well bid (implication: widening HY spreads). Dollar jumping to highs for the move.
Correlations among risk assets once again going up as prices going down. This is what leverage does.
But perhaps the most striking were charts of big US money center banks. Most are just about back to where they started last Fall.
Quite the round trip. One with potentially ominous implications.
position in SPX
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1 comment:
We want the government to be able to take down a big bank like JPMorgan, and it can be done. We think Dodd-Frank, which we supported parts of, gave the FDIC the authority to take down a big bank, and when it happens, I believe compensation should be clawed back, the board should be fired, the equity should be wiped out, and the bank should be dismantled, and the name should be buried in disgrace.
~Jamie Dimon, from Meet the Press
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