As expected, the fiscal cliff was really just a cliff-hanger. Neither party in Congress could tolerate another recession - particularly an obvious recession that could be averted.
The markets are rejoicing and rewarding investors who had the courage to invest last month during the exteme concerns.
Credit spreads continue to forecast good news for equities. The only difficulty is that our usual benchmark, the Merrill Lynch High Yield Constrained Index, has been unavailable on the Internet.
http://online.wsj.com/mdc/public/page/2_3022-bondbnchmrk.html
We need to develop a backup indicator which I will present tomorrow.
The markets are rejoicing and rewarding investors who had the courage to invest last month during the exteme concerns.
Credit spreads continue to forecast good news for equities. The only difficulty is that our usual benchmark, the Merrill Lynch High Yield Constrained Index, has been unavailable on the Internet.
http://online.wsj.com/mdc/public/page/2_3022-bondbnchmrk.html
We need to develop a backup indicator which I will present tomorrow.
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