Condor Options

Bearish:

• An Irrelevant Fed: Thimbles of Water in a Forest Fire [John Hussman]
• The Active Indexer: Defense Pays! (ed: s/b titled “Why You Should Be Bearish”) [Index Universe, h/t Random Roger]
• People have compared the current credit crisis to the LCTM crisis last decade. But an analysis of the spread between the 3-month LIBOR and 3-month Treasury bills suggests a comparison to the 1987 market crash may be more appropriate. [Financial Armageddon]

Bullish:

• …sound of crickets chirping…
• Just kidding: for what it’s worth, remember that December is historically really bullish. [Bespoke]
• Don Hays thinks the S&P is a buy going forward based on a P/E ratio below 15 and a cooperative yield curve. [Barron's]
• And there’s also the McClellan Summation Index [Vix and More]
• Oh, and Larry Kudlow is bullish, so…

Futures are flat this morning, and there’s much less Fed chatter this week to get people in a tizzy, so good luck everyone.