Will they or won’t they?

For the most part today was a sleeper.  Most everything sold off after tremendous runs to all –time highs in SPX and NDX yesterday.  You know things are nuts when TWTR, yes I bought more juice in there last week, is the market leader for a day.  Much of the action in VIX this year, when there was any, has been around politics.  DJT seems to keep the volatility around himself and somehow it does not translate to equities except on Russia news snippets.  The month of December has been ruled by Congress and I predict that is how the month will end.

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Bitcoin Mania

At this point there seems to be a lot of ink devoted to Bitcoin.  The 1000% gain this year, the catastrophic drop it might have and last but not least the Bitcoin futures traded on the CBOE and CME.  The last point is really what I want to discuss because we most likely would not have had a financial crisis in 2008 if the OTC derivative market in Sub Prime mortgages was exchange cleared.  Somewhere along the line margin requirement would have gone way, way up which would have started to cool things.


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