if we are testing the 'hedge-against-bad-news' thesis, I think it holds up & the narrative would be:
a massive upsurge during the height of the case, followed by a dip when the supposed 'rescue plan' was announced, then a plateau but NOT (yet) a retreat
and if we follow Denninger, the rescue plan is a sick joke, so the market is perhaps just re-orienting itself and pausing for reflection ... awaiting the next big bad news ?
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indeed you did, Sackers
if we are testing the 'hedge-against-bad-news' thesis, I think it holds up & the narrative would be:
a massive upsurge during the height of the case, followed by a dip when the supposed 'rescue plan' was announced, then a plateau but NOT (yet) a retreat
and if we follow Denninger, the rescue plan is a sick joke, so the market is perhaps just re-orienting itself and pausing for reflection ... awaiting the next big bad news ?
which, as you say, will surely come
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