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And who steps in to make sure there is capital out of equities and into bonds. Who really? (no, not talking a re/deleveraging of certain quant funds - this is the real deal). Ironically JPM has not gotten Blankfein's "pushing the book" memo from earlier (liquidity quants seeing a micro dip and the saliva starts running - the market can not possibly go down) and keeps on buying SPYs. GS vs JPM? Our money is on Lloyd biting off Jamie's ear by the 3rd round.
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Of course, the dollar is screaming higher - gotta put some last minute lipstick on those 10 Yr pigs: can't take any chances today as a 1pm 10 Year auction debacle could really start the revelation of the emperor's lack of clothes.
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