Is dinner through?

Posted on Dec 01, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Waking from a post prandial food coma the market responded to the end of month phenomenon and bottled up volatility.  We have frequently noted that volatility returns to the mean and that has happened here after a somnolent  Thanksgiving holiday.  Not a great signal but we bit on it, scaling in to the Qs, which look to have broken to new highs.  We also took the hint and closed our bond short.

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