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Credit Markets Reflecting True Conditions?
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Reporter
Are credit markets accurately reflecting conditions? That's the heart of an angry debate going on on the NYSE floor and on trading desks all over.
If they are, then stocks have farther to go before we bottom.
Bears say the are accurately reflecting conditions, and in fact they have been accurately reflecting conditions all year. This is the main argument for bears: the most bearish positions--as reflected in the credit markets--have been the most correct positions this year.
As a result of their record, bears have the rhetorical upper hand.
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Bulls are just as adamant, saying the credit default swaps market are thinly traded and may be subject to manipulation.
Morgan Stanley[MS
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] is the battleground here: supporters insist that the conference call went well, that Morgan has strong capital and liquidity positions, have reduced bad asset exposures, and have prefunded their issuing needs for the next 6 months. Stay tuned!
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- S&P 500 Down — But Not By Much
- EU Finance Ministers Won't Get Fooled Again
- Why Is Market So 'Tired' With Good News?
- What Exactly Have Greeks Agreed To?
- A Greek Deal, but What Is the Deal?
- No Greek Debt Deal? No Problem! (Maybe)
- Irish Finance Minister Causes Draghi's Worst Nightmare
- Caesars' Wild Open
- Forget the Incredible Shrinking Greek Politicians—It’s Draghi Time!
- Trading Day Has Lots of Moving Parts
Data is a real-time snapshot *Data is delayed at least 15 minutes
