For the second time* in less than a month:
Apologies to the ghost of the New York Sun's Francis Pharcellus Church who scribbled the most reprinted editorial ever written in the English language....From Avondale Asset Management:
...Looking at the historical data, since 1957 December has been a positive month on average for equities. In the past 5 years it has been especially good--powered by a nearly 11% gain in 2008 and 4% gain in 2010. Below is the average path that the S&P 500 takes during December. It demonstrates some Christmas magic may indeed exist--the path is even strangely sleigh like...MORE
*MBS Market: "Odds Go Up for Mortgage Mods Post Election"
Yes, VIRGINIA, there is an MBS market. It exists as certainly as love and generosity and devotion exist, and you know that they abound and give to your life its highest beauty and joy....I've stopped using the affectation with anywhere near the frequency you saw it during the Fall of 2008 unpleasantness and afterwards:
Yes Virginia, Crocodiles Can Grow as Big as Trucks (and eat cows)
A Mighty Fine Rant: "Yes, Virginia. The banks really were bailed out."
Yes Virginia, it is a Secular Bear Market: "Peak Earnings Versus Stock Peaks"
Warren Buffett Takes a Random Walk all over Efficient Market Theory (BRK.A)
(Yes, Virginia, you can occasionally find markets that are ridiculously inefficient – or at least you can find them anywhere except at the finance departments of some leading business schools.)Today's 777 point loss on the DJIA is the largest point loss ever
Yes, Virginia, this is a crash