I want to reiterate a point I will likely make a number of times in the coming weeks regarding risk assets. I will not fight this move before us. I will continue to highlight the divergences and point to the growing stresses, but I will caution against front running this market.
To see risk assets continually rip higher amid endless Fed QE is not fun. To see real problems, affecting real people simply masked over by fake money is disheartening. But at the same token, if we are in this business, it is the reality we are confronted with. To fight it until a basis for such presents itself is not advised. I have not fallen on my head. I am not a raging bull all of a sudden. I have specifically opted to trade credit for I do not like the equity markets.
