As a Lehman summer associate many moons ago, I split my ten weeks primarily between two desks – High Grade Corporates and Equity Program Trading.  The assignment coordinating gods smiled upon me as both groups were crown jewels at the bank, run by top shelf management with impeccable reputations and unmatched ability.  As part of the program, I did get to sample a few of the different areas on the Floor as we plebes needed as many people as possible to go to bat for us to secure the ultimate prize of a full time offer for the following September. 

One morning when I found myself on the Govie Desk, the Durable Goods numbers flashed across the Bloomberg of the trader I was sitting next to.  The headline ripped consensus which instantly sat on the Treasury market.  The economist for the firm who was unabashedly Continue reading »

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Wednesday, July 27th, 2011

I honestly have very little insight this morning as the shenanigans in Washington reminds me of two novice chess playing children, devoid of any other pieces, pointlessly chasing each other around the board solely with the king without their realizing a stalemate has occurred.  I suppose my declaration of a vacuous commentary hints that readers should simply come back tomorrow for a fresh approach at analyzing the markets, but since you have already come this far, you might as well patronize me and finish today’s offering.

After scanning the various opinions on the current crisis, I have yet to find any other strategist who claims that not only is a deal a lot closer than appearances would indicate, but also that Speaker Boehner knows he has no chance of winning and only displays obstinance in an effort to secure his electoral base which swept him into power last November.  I have argued that his two step plan represents the only chance he has of not losing.  The bill, never a popular Continue reading »

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