We’re still clinging to our theory that it was Manny Ramirez that killed the stock market. When people realised that our most charished national institution deserved as much trust as a AAA-rating on your CDO, they sold stocks and lsot confidence.
Another theory floating around is that a weak bond auction killed the market. All of the sudden nobody wants our debt! Indeed the interest rate on that 30-year bond is creeping up, confirming the Quantitative Easing FAIL meme, as Karl Denninger helpfully charts. On the other hand, we’ve had a few weak-ish bond auctions, and they all turn out to be blips. Could it be — gasp — that the rally is taking a breather? That after an insane two months, people are selling?
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