Quick Market Update / NASDAQ Chart

2009-10-29 UPDATE: Updated NASDAQ chart and comments.

Just time quick post. The annotations on the chart are self explanatory. Coming after a 7-month, 73% rally, they represent a yellow flag (caution). See also this weekly chart I posted last month, when we were at this same level, the one I posted yesterday, and the one shown below:

The mother of all moral hazards?

I’ll close with a quote from Mervyn King (Bank of England): “Bank bailouts created the ‘biggest moral hazard in history.'”  Indeed!

The GMO Quarterly Letter

Just Deserts and Markets Being Silly Again” (PDF).  Good read.

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