Buy, Buy, Miss the Rally and Die.

Team Macro Man turn to Don McLean to describe this year's trading.




A long long time ago
I can still remember
How the market used to make me smile
And I knew if I just bought bonds
I'd make some money being long
And maybe I'd be happy for a while
But Fed tapering made me shiver
with every ten year note delivered
Bad news in every headline
I couldn't buy one more time
I can't remember if I cried
When I saw punters swept out with the tide
Something broke me deep inside
The day the market died

So buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy.

Did you write to Hilsenrath
And do you lunch on the Grapes of Wrath?
If Bernanke tells you so?
Now do you believe in Spooz and Blues?
Can I hedge by selling lots of 2's
And...can Aussie escape the noose?
Well I know that you're long dollar/yen
'Cause at 101 I stopped you in
You bought some RKOs.
Man both of those got hosed.
I was long the Nikkei, short the swiss.
With a dual digi, couldn't miss,
But I saw my p/l had pissed
The day the market died
We started singing

Buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy.

Now for 5 years we have been repressed
And frankly I have been so depressed
But that's not how it used to be
When markets set the price of rates
And hedge funds didn't put up gates
And no one ever heard of Fed QE
Oh and when Bill Gross got the big bone,
He rang the Fed up on the phone
"Look I can't sell MBS
...come on, Ben, just buy the rest!"
And while Obama read a book on Marx
The people stormed Zucotti park,
And we sang dirges in the dark
The day the market died
And started singing

Buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy

Helter skelter in a summer swelter,
My Bunds were saved with a put spread shelter.
One-four-five and falling fast...
And ten years blew through two-oh-eight,
I tried to fix my mortgage rate,
But the bank told me I'd have to wait.
Now the pre-Fed air was laced with doom
As the CIO cleaned out the room
We all got up to trade
Oh, but not a buy was made.
'Cause when I tried to receive DI's,
The trader wouldn't make my size.
And I couldn't beleive my eyes,
The day the market died

Buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy

And there we were, all in one trade
Abenomics rules, our year is made
With no need to think again.
Moves were nimble, charts were sick,
Japan trades on the candlestick
And trends are Kuroda's only friend
And as I watched those JGBs
I felt a tremble in my knees
No angel born in hell
Could tell me when to sell
And as the stops were triggered in the night
In some sort of sacrificial rite,
I saw Schauble laughing with delight
The day the market died
And he was singing

Buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy

I met a girl who sold the Blues,
And I asked her for some happy news
She just stopped out and went away
And I went down and sold some VIX,
Going back to my old tricks,
But my broker said that model wouldn't play
And in the street the traders teemed,
The brokers cried, and the journos dreamed,
But not a word was spoken,
The IB chat was broken
And the three men that I want gone
Draghi, Ben, Kuroda-san
They all agreed their work was done
The day the market died
So I'm left singing

Buy, buy, miss the rally and die.
I've waited for the data but the data weren't high
Talk the good old Fed's tapering QE's a lie
I'm singing this'll be the day that I buy
This'll be the day that I buy.