The Great Bond Rally of 2011
This rally in Bonds has been quite a spectacle. It’s amazing how quickly a financial instrument can move when lack of confidence takes over and logic is thrown out the window.
Bonds rallied hard today, putting in a high at 139’27 after the FOMC Announcement…
This rally took Bonds to a level that is not often reached. Check out the four year chart of /ZB to see just how high we are in Bonds, and just how quickly we got there.
This area historically results in strong sell side interest so there’s a very good chance this rally in Bonds is coming to an end.
The recent rally in Bonds is the definition of parabolic move. It’s going to end soon, and it’s going to be ugly for anyone newcomers to the Long Bonds crew. If we were lucky enough to be long, we would most definitely be taking profits right now.
30 Years of MTV: The MTV is dead, long live the MTV
August 1st marks 30 years since MTV went on the air. Many young people today may look at what the station has become and wonder, so what? Every American I know who grew up in in the eighties has a little hole in their heart for what happened to MTV. It’s similar to the way one might remember a clever acquaintance who fell to addiction. They shake their heads, bite their knuckles and look wistful. Whether the thing MTV was hooked on was reality programming itself or the ratings boost it provided, I can’t say, but lost it is. I remember in my teens I would stay up late to record Matt Pinfield on 120 Minutes, because by the mid-nineties the only time they played music videos was in the middle of the night. But in the heyday of MTV, you could watch videos any time, day or night. What was so great about it was probably all the things the executives behind the scenes hated. The VJs were unscripted; there was little product placement. I have an MTV t-shirt that my mom won from the station in the eighties, when they would do giveaways as if they were just another station on the radio. You could pick it up on your radio, too. Even as a tween I had an inkling that their slot in the TV Guide which said nothing but “Music Videos” for six hours couldn’t be a dream for the person who sells their advertising. But that authentic, fly-by-the-seat-of-your-pants experience was a fine fit for rock and roll: that ever changing, never planning, tumultuous beast. Rock and roll never sounded better followed by “We’ll be right back after these messages.”
The funny thing is, the way people watched MTV didn’t really change. The people who watch reality shows are the types to use the telly as background noise. MTV was perfect for that: no plot, no characters that would distract you for more than four minutes. Everything they were showing would show again in several hours. It was all that made cable wonderful and terrible. With MTV on, mom could balance her checkbook and I could do my homework. Hell, MTV probably invented the idea of using the idiot box for background noise. Thus if you ask anyone over 25 they will say that the golden age for music video was the eighties. Not because the videos were better. No, they were low-budget and jakey as hell. CG wasn’t even a word then. It was a golden age because people actually watched them. Today’s youth may share Internet memes, but back in the day if you met a kid from the other coast you could bond of your shared memories of videos. There is a whole generation of people who can’t hear “Take On Me” without thinking of a cute girl caught in a comic strip. If you’re one of those people, you might think Rick Ocasek has the body of a fly. For better or for worse, Dire Straits is more than a band. They’re also a bunch of singing, animated blue collar workers bitching about rock stars and Sting’s voice harping I want my MTV was the voice of the nation. We all saw it, we all loved it. You could not disconnect the song from the video.
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