Musical chairs…

Posted on Mar 10, 2011 by WHC Bassetti in Letters

Anybody who thinks that today's air pocket is the result of the trade deficit or Spanish indigestion or Greek salads hasn't been paying attention.  Last night some big traders decided that the music was going to end this morning, and that creates a self fulfilling prophecy.  When the elephants dance the ants suffer.  We are still of the opinion that this is just your normal elephant dance and that we will soon see an opportunity to add on to our positions.  In the meantime  paper equity in accounts will suffer some attrition.

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