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Walsh McGuire

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For 2010 - A Controlled Repeat of Q4 2008

Where will the markets go in 2010. I hear this a lot. Will Gold keep running? Emerging Markets? High Yield? China? The run up in assets (take your pick - they all rose) was unprecedented. Nothing like this has ever been experienced. Rumors abound of the "Plunge Protection Team" aka PPT at the Fed and Treasury, making sure asset prices rise to "optimistic" levels. Whether these semi-dark forces were actually at work, I can't say. I know that there were thin natural bids, and a lot of sellers, which normally would keep markets flat, so somebody is long a load of everything, while at the same time, US investors put a mere US$14bn into stocks in 2009. So lets suppose the PPT did in fact buy the market for a solid 6 months. The natural question is, why? And more importantly, what does it mean for the market going forward? The... Continue reading
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