rebound might fail. today is no different: up and up in the morning then going nowhere the rest of the day.
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Difficult! Flattest market in a generation. I used to think I was clever because I traded both up and down. Now to me clever would be someone who can make money on a flat line without risking everything. The gamma hedgers do well in this environment (trading the flat line) until the market moves and we see that they really were running in front of a steam roller to pick up a nickel.
Looks like Goldman ran out of buyback money for today. Masterful use of the oil jawbone on their part this morning to jump start the move. Too bad there was no second stage ignition.
Goldman is underwriting all the Saudi bond issues, underwriting the ARAMCO IPO and places a great deal of the buyback money for corporate clients. I am sure they have appropriate separation between the various parts of the company so that they don't happen to use one client's money to further the case of another while trading against both and collecting fees from both because, as they themselves say they are just doing God's work.
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