And so, the announcement that an RTC-like fund will be created to assume so much of the toxic paper enveloping Wall St. was the late-act plot development that brought the curtain down on this act of The Bear Market. It’s intermission now, the lights came up quickly, with the S&P up 100 points from it’s low at this insomniac’s hour. Opera intermissions are long affairs – time for drinks and bathroom breaks, perhaps even a piece of cake. Rest assured, the bear market will return and the curtain will rise again. But not for awhile.
The Curtain Drops – Bear Market as Opera
September 19th, 2008 at 2:48am · No Comments
If you’ve ever been to the opera, you know you’re in for a long night. Many times, opera uses some dramatic device, a major plot development that changes the implications for everything and before you can fully appreciate the new dynamic, the curtain drops and the lights come up. But the opera isn’t over. It’s just the end of an act.
Tags: General Market Commentary · S&P 500
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