Narrative Roulette.
A rather uneventful week was saved by a solid final day, although arguably the biggest event came after the close on Friday when a U.S. credit rating outlook downgrade was announced.
Stocks and bonds spent Monday aimlessly meandering around, looking for fresh direction following the previous week’s fiesta. Both Blackrock and Morgan Stanley were quick to come out with warnings that the end of October/early November super-rally could well swiftly reverse.
Tuesday was not much different. After another day of mostly directionless trading, the S&P 500 closed a little higher as Treasury yields and…
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