8000 hedge funds, most of them leveraged to the eyeballs, and using every variation of space age derivative they can get their Phds to cook up. (i'm married to one of them, so this is something we know a little about)
I was in the metals market in the spring, when one bad copper trade by a big hedge fund almost brought down the London Metal Exchange. The Bank of England had to bail them out, but the resulting selloff by the top funds, to cover losses, led to those 3 solid weeks of market selloffs, plus the 50% plunge in the price of silver and the metals in general, late May, June.
I think the emerging markets still haven't recovered. They had policemen at the bridges and damns in India, watching for suicides.
This is why I watch these cats very carefully. Right now, the elephant in the room is the US housing market. Trillions of dollars of mortgage money has been stripped, reconstituted, sold around the world. MBS make the world go round, in some ways.
But adjustable rate mortgages starting to act kinda funny. Not everyone can handle a 80% jump in their mortgage payments. Hmmm.....
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