Several times a year, markets shrug off macro news and do their bullish thing. Somewhere on the site you will find a piece that talks about how the news and the market’s reaction to it can sometimes be different. You accept the latter despite the former and it is this feeling that has kept me on the sidelines and away from being aggressively short this past week. I can’t bring myself to chase. This giddiness will continue through Facebook. Setting the offering at $5 billion means that the limited supply is quite likely to lead to a pop in the stock. MS and GS are up another 5-10%. I might get tempted to buy puts on the former.