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Euro Goes Vertical, Stocks Not Following, Waiting For MSM To Come Up With A Reason
Even as the carry trade just went ballistic, with the yen last seen buying a 10 gallon vat of vaseline at your nearest corner drugstore, stocks are not in triple digit gain mode yet. We are giving it a few seconds for the Ph.D. to recalibrate their upward bias models. In other news, FX traders - with this kind of volatility, we hope you are sitting near a defibrilator.
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[13:48 EUR/CHF: Buoyed by Claim that "Deal for Greece is Done"] London, April 9. EUR/USD has risen to a 3-day high of 1.3439 as some short euro positions are squared on the back of the claim from a macro-political intelligence service that EU officials have reached an agreement in Brussels on funding a backstop deal for Greece. The name-in-the-frame reportedly says that the package will be a single "one-stop shop" between the other 15 EZ members, EU institutions, and the IMF. It also says that if Greece wants to tap the E20-25bn fund, it will have to apply to both the EU and the IMF jointly. The EZ share of the finance will allegedly take the form of bilateral loans at a rate higher than that of the IMF but well below those in the market
Oh and the ECB always keep saying they don't like big moves in currencies.... and 'carefully monitor the situation'
just goes to prove, all talk no action
Sice the ECB just announced it is no longer accepting non-Euro denominated securities as collateral, many market participants should now be dumping non-Euro securities and/or buying Euros to buy Euro-denominated securities - no?
I know the new policy is for post 2010 but that might not be written in stone.
The screenshots that Tyler puts up are I assume a Bloomberg "terminal"? Any idea what the cost of getting that or a similar service? Looking for something that picks up swaps, etc.?
It's about $18k a year. Depends exactly what you want but it's hard to duplicate their functionality. There's a reason why they are able to command a premium.
Thanks Mercury. At that price it's amazing that no competitor has stepped in.
There's a couple: Thompson Reuters, Factset.
But neither are as thorough and sexy as BB.
There's a couple: Thompson Reuters, Factset.
But neither are as thorough and sexy as BB.
Its USD$18k+/yr/seat
Well, whatever the reason, its undoubtedly wildly bullish news for everyone and everything.
Heh - I thought the same exact thing.
Those that linger get the finger:
Another deal rumor.
Whatever deal will fall through AGAIN.
And how many rumours have there been!!!
Big picture, every one of these rumors has been worth 300 sticks on the Dow.
Wash, rinse, repeat.
What happened to "Buy the rumor, sell the news."?
I guess it is now "Buy the rumor, buy the news. Buy the rumor again, buy the news." etc,etc,etc.
Catch 22 .. bailout means Austerity .. no bailout means no social welfare.
Time to short as it hits the top end of its channel.
from medley...
European Union officials have reached an agreement in Brussels today on
funding a backstop deal for Greece.
The package will be a single "one-stop shop" between the other 15
Eurozone members, the EU's institutions, and the IMF. If Athens wants to
tap the ?20-25-billion fund, it will have to apply to both the EU and
the IMF jointly. The EU's share of the finance will take the form of
bilateral loans at a rate higher than that of the IMF (3-month euribor +
275 basis points) but well below those prevailing in the market.
from medley...
European Union officials have reached an agreement in Brussels today on
funding a backstop deal for Greece.
The package will be a single "one-stop shop" between the other 15
Eurozone members, the EU's institutions, and the IMF. If Athens wants to
tap the ?20-25-billion fund, it will have to apply to both the EU and
the IMF jointly. The EU's share of the finance will take the form of
bilateral loans at a rate higher than that of the IMF (3-month euribor +
275 basis points) but well below those prevailing in the market.
"seen buying a 10 gallon vat of vaseline"
Now that's a party favor.
I need some Albert Edwards in my life to drop some new knowledge on me. Where is he?
Bankingnews.gr reports that Greek received a bailout at EURIBOR+275 bps
And now we must wait for all member states' legislatures to approve this bailout.
I don't believe it, more talky and no action. The power of semi-persuasive speech reached its zenith a long time ago, now it's just people spreading lies.
ES just got monkey hammered. 10:29est
I think 33 liberty just fat fingered their algo 4 pt plunge in /ES and 40pip in EUR
That vertical just got stopped with Fitch lowering Greece to BB something
Fitch downgrades Greece to 'BBB-'; outlook negative - DJ
The sureal:
Bloomberg running the sureal healdine this am that rising PPI in UK pointing to recovery. Not to be outdone by the article about how Rubinomic is en vogue. The later describes his allegiance to open trade and fiscal balance. When yes means no.
http://www.bloomberg.com/apps/news?pid=20601070&sid=aSN9aNcP43mw
Meanwhile Turkey continues to dress down Israel with comments several days ago about it being the biggest threat to peace in the ME. Today they reiterate claim to disarm as Israel backs out of the US nuke conference. Maybe Geithner can partner with the IMF and trade Cyprus for a longer airbase lease given crushed velvet revolution 2.0
http://en.rian.ru/world/20100409/158499365.html
What a complete joke. Shows you the level of BS going on in the markets. The Greece situtation shows exactly the weak hand the governments have. They cannot prevent the blow-up of Greece and the Greeks having to now live within their productive capacity. They may be able to delay such an event but that could only happen do to the stupidity of market players being fooled into thinking the government has a stronger hand to play.......they don't. It's either game over now or a bigger game over later and for more countries than just Greece..........smart people know it dumb people will continue to talk.
I love to read ZH headlines.
THE DOELARR IS DEAD!
EUR strength was the obvious play, with yesterday's candle failing to reach and breach the 03/25 low ~1.3260. From there, it was a matter of looking for a bounce or break of the descending channel started April 2nd, which snapped up just after the London open. No need to look back at the monitor after that. Definitely a trade where turning the cold shoulder to fundamental bias (EUR should tank!) when there's a pure technical rationale was the right choice, even if placing the - winning - trade was offensive for its absurdity. "...not the bull side, not the bear side, but the right side."
DOW / SP500 daily chart gives bullish signals as of Friday 9 April. Weekly chart still trends up but continues to warn of an overextended bear market rally.
http://www.zerohedge.com/forum/latest-market-outlook-0
http://i39.tinypic.com/34y4k6t.png