Market topping action continues with Bears pushing hard to get the S&P500 action below 1650 to begin the journey back to 1550 for starters.
Tough year again for the general mass of fund managers who year after year continue to have lousy returns. The HFT shops have found themselves lost without the ability to meaningfully front run any other HFT as Big Data looks like is will also be a big waste of time. Every other proprietary firm is now either pimping services as a sell side vendor or working on the next big staff reduction.
Many of the desperate are pinning their hopes on the fixed income death dive tsunami which now has been greatly anticipated each of the last three years. This may be it but it probably isn't.
The giant squeeze on all edges is upon the world. Over employment has been replaced with falling work force participation but oddly creating falling unemployment rates. Great trading performances have fallen victim to the great regression where what was once thought of a shop after shop and firm after firm of trading talent is now revealed guys looking more like the clueless they always were or even worse, as dumb as bankers. Just showing up is out of business.
Markets are more concerned about who the next Fed Chairman will be than war in Syria or the US budget deadline. Obama looks like he has given the edge to Summers who knows less about markets and more about opportunism created by being a repeat offender creating personal wealth through public service and Ivy League circle jerks. Markets don't like him because he is unpredictable. Most don't like him because he is a jerk.
