Up and down they go. Who wins?

The markets sure are excitable these days. Up then down, mostly down for a while, if still not yet getting to the 10% retrenchment that would mean that we could technically call it a correction.

One things for sure, hedge funds have been bitching and moaning for a long time about how there's not enough volatility in the markets for them to make money. Because they're so smart, they gotst so much alpha.

So I'm looking forward to the end of 4th quarter numbers for the hedge fund industry as a whole. They should be instructive, and should tell us who's been earning their money.

The kid, that's who.