Weekend surfing plus.

1. Post-mortems of the GM IPO reveal how valuation is in the eye of the beholder. The Obama number was around $29 before the IPO, various analysts estimate it around $43 which implies that the Government would have to do a secondary offering around $53-$55 to break-even. Traders must be wondering whether it is worth going along for the ride.  It is a long-term trade, predicated on an economic recovery backstopped with money printing to the max. I am wondering if options have listed already.

2. Imbalances in global financial markets are rife, from equities, to gold, to bonds, to currencies. Markets are not free, anywhere and it will remain a new, perplexing environment in which to operate for the next several years. In the short-term, I suspect we are all better off enjoying the holiday season in whatever way we do, rather than worrying about bumpy asset prices.