tuesday's road map, page-25

pisces

"I'm really worried now that you've started thinking that Loki and as you know I'm not a big worrier."

I have probably stopped thinking.

What part of my "thinking" had you worried? Was it that I ascribed the start of the second half 2010 rally to the CNBC Tepper interview?

My recollection was that the market moved up during the airing of his interview having struggled for some weeks.

Your point about the market "got nowhere to fall from because no one's leveraged to the upside" is an interesting consideration. It is less leveraged in Oz, and perhaps in the US (as far as retail investors go), but perhaps the banks with their proprietary trading desks are pushing up asset prices using the easy money from the Fed to make profits (or losses as JPMorgan did recently in London).

loki