20081020 Timer Commentary

Some indications that the credit market is gently improving. This feels like the pattern of a fireworks show: bright lights, explosions, sound and fury – some brief applause and cheering, and then the slouching back to the real world. Facing the new normal for the next two to four years may be very boring for market adrenaline junkies.

We are hopeful that the market will go up at least a little more in the very short term. Monday’s volume was pretty weak to suggest there is much conviction behind this particular push.

Current model positions: two long, two cash.