From: DAVID ZERVOS (JEFFERIES & CO., INC) [mailto:email@example.com]
Sent: Thursday, February 28, 2013 9:49 AM
To: John Broussard
Subject: You want answers?
As our beloved colonel/chairman took the stand this week, nerves in the market were frayed. News of Italian election chaos and the sequester were splashed across the screens. Spoos had been pounded, the Yen was rallying and you could hear the screams of pain from levered traders across the globe (many of whom sent me agitated bloomberg messages).
Markets needed some soothing words from the man who sits on that wall and guards us against deflation. Markets needed their fix. Not more QE per se, but a statement from our chief dealer that the pain medication will be there for a good long while. And like clockwork, he delivered. He sat on that chair both as a military leader and a psychologist. He soothed our nerves. He told us it was going to be ok - he had our backs. The meds are working he said - just look at housing and stock prices. And don't worry about when I take you off the meds - ill do it slowly, I have a plan, trust me I'm your colonel, and your doctor.
And as we all heard the joyous message that the meds will continue in ample supply, and that our doctor has the tools to wean us off them when the time comes, we went back out to the markets and bought every dip in sight - spoos, nikkei, estoxx...bring em on! We went back to that wonderful cocktail party with the luxury of not knowing what our colonel knows. After all we cannot handle the truth.
Of course we always have to worry when he takes the stand. It could be that some punk Congressman (aka Kaffee) forces him to admit he ordered a code red. Forces him to say - "look, I'm just printing dollars, killing savers, bailing out debtors, redistributing wealth and debasing our currency. Yes, I admit it, I ordered the code red on the USD". But Corker, Duffy and Hensarling are no Kaffee. Their questions were pedestrian, no match for our colonel who shot them down with sniper like precision. It was a performance to remember from Ben. And the markets celebrated!! Spoos and blues 4EVA baby!! Good luck trading.
Upcoming travel schedule:
Mar 5 Boston
Mar 25 Milwaukee
Mar 26-27 Chicago
Apr 8-10 Atlanta
Apr 24-26 Puerto Rico
Apr 29-May 1 LA
May 8-10 Bermuda
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