Just like I used to spend an awful lot of time as a frustrated bear in years past, trying to find any evidence of "bad news" for the market, today's bulls are desperate to find good news. One thing they've latched onto is the TED spread, which has tightened up quite a bit with all the multi-trillion dollar worldwide government handouts.
If you pretended this graph was a stock chart, though, wouldn't it seem like a "buy" to you? It seems to have pushed nicely off the base, done a clean retracement, and is ready to soar again. A longer-term view gives an even more compelling picture that we are simply at the low end of a "new normal" range now.
Be warned that I am even busier than normal today, so the comment count might reach Atilla-sized levels (e.g. many hundreds). So………deal with it.
