Credit Is Now Completely Ignoring The Ridiculous No Volume Equity Melt Up, At Two Week Wides
Submitted by Tyler Durden on 03/19/2010 07:23 -0700If one were to think that the market is determined exclusively by the predominantly retarded action in equities over the past months or so, it would appear we have now fully entered the insanity dot com days, where each day could easily be the rally's last, yet with shorts terrified of being steamrolled by the fine upstanding market manipulators at Liberty 33, the possibility of the Dow hitting 36,000 is distincitly realistic (only to be followed by Dow 0, and a Marsian bail out). What is notable, however, is that credit, which is and always has been the rational market, has not only bought this most recent melt up, but over the past week has in fact retrenched. Not only is credit weaker compared to its January tights, but is also at its widest over the past two weeks, just as equities were set to go parabolic on no volume and on giddy algos, already seeing themselves buying their third summer house in Binaryhampton.
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