Friday Outlook: Street Determined to Get Secondary Offerings Done

May 21, 2009




Artist Donna Walsh has her artwork titled as such. It’s ripped off here because I liked it and it serves as a metaphor for traders leaving Manhattan for the Hamptons with their saddlebags full of secondary offering deal loot. The good folks in Dodge are left gypped. It’s like I was saying yesterday, Da Boyz have secondary offerings to get placed and clients better play ball or be cut off from future tips and deals.

The hangover from yesterday’s Fed minutes lingered today. Bulls weren’t helped by jobs data, Leading Indicators and the Philly Fed survey. More importantly is the ongoing sharp decline in the dollar and worries about credit ratings of the US and Great Britain negatively affected bond prices. Interesting times, eh?

Volume remains on the light side but breadth both sucked and blowed.

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