I’m checking charts after few days away at nature, away from computers – and it’s total, total disaster! I never saw anything like that in my short investment career.

ABX.HE

Back in late February panic I was calling ABX.HE index dead. Now it’s not just dead – they dug it from the grave and tortured for a few days until it started screaming!

LCDX and CDX indices are drifting down, which suggests me that corporate LBO mania is very close to the end. You can also observe the crash at the junk bonds markets here.

I don’t know what the stock market guys are smoking. I suppose they are still vacationing, as I did, because we already have enough fundamentals to panic. I suppose they will start to panic as soon as they get back from the beach🙂