We have been sued to Risk-on/Risk -off trading environment for the last few years, but for the month of December we will have a CoCo environment, Cliff-on/Cliff-off. The markets saw a big move today based on the last remarks on the fiscal cliff. We run over the fiscal cliff and the market falls. If the fiscal cliff is perceived to be avoided, we have a rally. The rally is based on the fact that spending will not be reduced meaningfully. If we move off the cliff, the expectation is that there will a recession in 2013. The market declines. Expect more of this over the next 30 days.
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