Wow, what a lousy end to a lousy week. It's hard to believe that, just three short hours ago, CDG was up 1% and CDS was up over $1. And now, as I record this podcast, prices have fully reversed with CDS a full 6% off its highs. Just lousy and no fun.
But it is what it is. Sentiment is so poor that all rallies are being sold and then, once the momentum gets going to the downside, the shorting comes in and things head downward quickly. Our hope as the week ends is that we can find some support eventually near the March lows but, for now, it's just no fun at all to be on our sector...
