Few off-topic thoughts on previous week’s rally: Last year you mentioned one interesting point about November being the last month of the year on which the bonus calculations are made and how last day of November always closes up. Well, this seems to hold quite well.

Interesting thing that during this rally both 10 year and 3 month treasury yields were still going down. Does this suggest some short covering? So people took profits and we are back to shorting again.

There are so many believers in Value at the moment, but I still cant see it… A good article on what is actually going on: http://finance.yahoo.com/banking-budgeting/article/106201/Ignore-the-Stock-Market-Until-February