The market keeps volatile for quite a while but did not shock me too much until Sunday night when i saw Bear Sterns melt. How could JP Morgan jump on the table so quickly? $2/share, OMG, how much does BS HQ property in NYC worth? This is not a merger, it is a blood-sucking, unprecedented! Well, it says by last Friday, BS cash position was down to barely $2 billion while it has billions repo borrowing due in the next day. Let's imagine if BS went default on Saturday, what will the investors do? Bank run and cash out most of their bonds/lending? That might crash the $4.5 trillion repo market first then trigger a multi-layer trauma: equities, particularly finance sector, plunges; then debt capital market; then......From this perspective, JP did his due to bail the street.

In Toronto, rumors started on Monday morning, re-org, layoff, spread all over the place. Looking out of my window, i see raindrops and the cloudy sky, will tomorrow be a sunny day?

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