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Ring in the Holidays!

While market robots find ways to make the most options contracts expire worthless today, allow me to bring you some early holiday cheer, a new holiday carol to share with friends and family!

I have bet that the Santa Rally won’t materialize this year. One factor I didn’t mention is liquidity: we are soon likely to see a series of liquidity stress events unfold as distrust builds among market participants and as governments worldwide seek more cash to finance their “can kicking.”

So let’s all pour some Eggnog and sing “O Liquidity,” shall we?

Liquidity, O Liquidity
Oh how I yearn to have thee
The MF broker said my money’s safe
But now I’m poor as a Dicken’s waif
Liquidity, O Liquidity
Oh how I wish I had gone to thee

Liquidity, O Liquidity
Oh how I yearn to have thee
My futures trades were excellent
When I wanted cash they said “get bent”
Liquidity, O Liquidity
Oh how I wish I had gone to thee

Liquidity, O Liquidity
O how I yearn to have thee
The phone is ringing as I deck my halls
Another broker with a margin call
Liquidity, O Liquidity
Oh how I wish I had gone to thee

Happy Holidays!

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