The market continued its aimless meandering on Thursday. It had a perfect excuse to sell off on the news of massive writedowns from HSBC and a quarterly loss and restatement from NEW, but it didn’t. Common sense tells us that the meltdown in the subprime mortgage business will have serious repercussions, but markets aren’t about common sense. The yen carry trade game is still on, so the players will play. They aren’t looking for excuses to sell. They are looking for places to put their cash, and if one formerly hot sector looks lousy, they’ll move to another. Click here to download complete report in pdf format (Professional Edition Subscribers).
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