Couple thoughts and some questions

It's a beautiful day as summer draws to a close and a fresh new football season is upon us. This is my favorite time of the year, the transition from late summer into fall; weather is perfect, football is back, playoff baseball is starting, and golf season hits its prime. Now if only the markets could be as peaceful as the changing of the seasons...

Couple thoughts/questions

-Brett Farve has tarnished his greatness. The man is a horrible teammate and is the antithesis of a pre-madonna. Would you like someone on your team who skips the entire pre-season, doesn't know the playbook, and has little to no commodore with his teammates? I sure as hell wouldn't. Farve thinks the world revolves around him, which is never a good mindset for someone who goes to war alongside ten others each Sunday.

-Are people beginning to realize that China is the dog that wags the U.S. tail? The Shanghai index is down 21% in the last fifteen calendar days. Why? Like I said before, lending has tightened and taken a good amount of liquidity out of the market. From a structural standpoint, it's better off they tightened their policies, but what kind of ripple effect will it have on global capital markets?...especially as a leading indicator for what's to come in U.S./European markets.

-The Financial Times reports that global bond issuance surpassed the $1 trillion mark for the first time in a single year....and it's only August.

-Oddly enough, a credit analyst at Morgan Stanley issued an alert to investors on corporate bonds after the explosive rally we've seen. The article says...
---September options contracts signal volatility, but corporate bond spreads continue to tighten.
---Credit rallies typically anticipate stocks by about three months, but we're past that stage and the two should be converging now. That means stocks must either rise sharply or spreads must widen to reflect risks.
---Spreads have recovered in just eight months, which it normally takes three years. The credit market is saying the "Great Recession of 2008-2009" was much ado to nothing.

-It's both odd and fitting that those are two of the headlines we see today. Could it be signalling a top for credit markets with speculation of danger ahead?

-Are we churning? Are we basing? Are we working off overbought conditions as a function of time or price?

-What will be the next catalyst to the send market up or down?

-What's up with the huge draw on crude inventories? Are countries, yes countries, not companies, trying to hold it around $70/barrel? If the price falls too much, won't that have a big impact on oil exporting nations...which also seem to have the most political instability? Which will have an effect on social moods....which will have an effect on global capital markets...

-What draft position will I get for next Sunday's fantasy football draft (as the reigning champ)?

-Have the Yankee's peaked too early, leaving room for the Sox to make a run?

-Enough rambling for now. Good luck today!