Emails

If I haven't responded to your email yet, know that I'm not ignoring you and I will respond. As you can imagine today I have about twice as many emails as my normal day which averages around 50-75 emails a day, so I have tons. Last night I was answering emails at midnight and while I try to do my very best to answer individual questions via email, sometimes it's  necessary to spend time watching the market very carefully because things that occur often can't be put in their proper context later and as is almost always the case, it is the small things that the crowd misses where we often find an edge.

A quick example is how almost every asset class reacted at the same minute yesterday to form the intraday high. As yo may recall this was in response to a question asked of Bernnake during his press conference, immediately the market had a broad reaction that was negative to his answer.

Where that piece of information fits in to the big picture may not be all that important or it may have been an exceptionally important bit of sentiment showing what the market is truly afraid of and knowing that helps us identify conditions in which the market will react. That information passed in 30 seconds and if not watching it as it happened, would be lost.

In any case, hang in there if I haven't answered your email yet, I will.