Reid-On; Risk-Off


The cone of silence has lifted; and while some will argue that correlation is not causation, we present a today’s market performance (and volume) and Harry Reid’s well-chosen words of un-compromise. Stocks fell dramatically on heavy volume as the ‘efficient’ discounting mechanism somehow hadn’t expected a bumpy ride to the end of the year…

 

 

It seems the broader risk market was far less sanguine about the hopes of a seamless transition to a fiscal cliff solution than stocks and had been leading us lower all day… stocks caught down to that reality after-hours…

 

Charts: Bloomberg and Capital Context

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