Worst and Best Trades From 2008
Houghton and Atkeson, January 1, 2009
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2. Hedge Funds That Bought Credit-Default Swap Contracts on Bear Stearns, Lehman and AIG
No pain, no gain, right? Unfortunately, the pain looks like it will be felt predominately by the taxpayer, while the gain is going to those short-selling, speculating hedge funds that were on the right side of the credit-default swap trades that our government keeps honoring.
Next: The Bears Who Stuck With It
More By This Expert
Looking into June, the market should begin refocusing on upcoming earnings reports for evidence the economy is gaining momentum.
Watching the Treasury's Actions
In the short-term, the government's bond auction is likely to be a key driver of stocks.
Treasury Auction Boosts Market
The Treasury's auction of two-year notes brought an upside surprise which should alleviate fears of a lack of demand for U.S. paper.
Credit Markets Point to Upturn
The credit market, a reliable indicator of equity direction, suggests we will break out of the SPX's trading range to the upside.
The market seems to be saying that a 30% move up from the lows is ahead of the real economy and the market needs to allow the economy to catch up.
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