I've been mentioning recently about the risk of strength in financials – – well, that's happening. From FNM to FRE to MBI and FED, they are all flying higher. That goes for bigger issues like JPM and MER as well.
Gold and oil remain weak, and the dollar strong, which is what I expected. I am far less sanguine about the strength in equities. It is still below the busted wedge, but this kind of strength is certainly unsettling!
I am posting this 90 minutes before the close, and I might not be able to do my after-the-close post until this evening. I'll see you then.
