Monday, September 29, 2008

Trading Post (happy to be in cash edition)

The US three month treasury bill is the whole ballgame. Put it front and centre on your screen and don't take your eyes off it for a second. Gold is up at $898 right now, but be clear: It's not acting as safe haven, it's reacting to the T-Bill action (told you why before).

Excellent commentary on the unfolding US financial drama at Brad Setser's Follow The Money blog. The two latest two entries are 100% required reading, as Setser is on the leading edge of the analysis. Total kudos to the dude.

Bovespa (down 6.1%) and Merval (down 5%) and all the rest of the locals are being taken to the woodshed.

Mercado Libre (MELI) down 11%

Freeport (FCX) down 11%

Petrobras (PBR) down 11%

I could continue..............