In Bed With Fed

Markets trying to breakout of a trading range that has had the feel of a rally but simply more of a transactional spin to it. The big banks which used to be big brokerage are arbing the welfare elements from the G and those conditional opportunities that leverage brings in the forms of informational edges and transactional income. Both Goldman and JP Morgan, each having taken $10 billion and $25 billion respectively, are doing well as cousins of the Fed, their prowess as traders contingent of being wired directly to the inside and taxpayer cash.