Regardless of what you may think of him, Alan Greenspan is one of the most thorough econometricians (?) in the world, and even more importantly, markets listen and adjust according to his analysis. That's not to say that he can never be wrong or that he doesn't perhaps have an agenda, but to dismiss his analysis outright doesn't seem appropriate.
Press spotted him going into Fed's building for the FOMC meeting and closed up in his hands.
If the briefcase was thin and looking light, the market assumed he was not worried and therefore there wouldn't be any important event, let go rate hike.
But if he showed up with a fat, heavy, maybe 2 briefcases, the panic was generalized well before he was able to reach the door.
, untill then would not be surprised if we reveisited the prior highs, if that was to happen it will be my last shorts, either my time analysis are right or this is going to be one dull summer, and i will instead take a vacation. The dow had just seen some profit taking, or perhaps the fact that CIFG will soon become insolvent, would be nice if MBIA followes the same path, now that will definetelly create the kind of panic needed to finally start moving lower, no panic now, so no one wants to buy the yen, dollar didn't really decline as much as it could if people really wanted to dump it, annoying, annoying market.
