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Okay, so we got the big stimulus package from the Chinese and no doubt that was the rumor that sent futures skying on Friday late and on into the opening today. Folks got anxious and jumped to long positions. They must not be pleased tonight.
ETF Digest Sacred Cow VII advises, “You don’t need a PhD to make money in the markets…” This reminds me of the news today that Nobel Prize winner Myron Scholes froze the assets of his hedge fund Platinum Grove Contingent Master Fund given fund redemption issues. Of course Scholes was heavily involved in the Long Term Capital Management debacle as well. While winning a Nobel Prize is cool and everything, batting 0-2 will not win him many new clients. Truth be told, all these guys seem to resurface down the road.
The week is young and volume today was light. Tomorrow is a semi-holiday and not much news is expected until retailers start making reports. While the action must have disappointed a lot of investors anxious to get going, there were some bright spots in overseas and commodity markets.
Let’s see what happens.
Have a pleasant evening.
Disclaimer: The ETF Digest has no positions in any of the featured markets.
