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Euro Plunges To 2010 Lows
The euro just got slammed, and is at 1.3287, a mere 10 away from the 2010 low of 1.3268 on March 25. This support will be promptly taken out and the flight to lack of quality will resume, forcing the great Chairman to uncover new and exciting ways to dismantle the US currency and gun the market to new and record highs. Next support levels for the soon the be defunct european currency are somewhere in the 1.2s. Obama may need to reconsider his plans for the next "export-led" US Golden Age.
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------------------------------------> 1 (tm Andy)
EUR/USD was at 0.87 in 2002. As I recall Eurozone was in pretty good shape then compared to now. The real question is why is it trading 50% higher now?!!
I'm going to go out on a limb here and say that if the answer doesn't lie with the EUR it probably does in the USD.
I think the EUR IPO'd around $1.17
getting there...
It's those "Greece worries". I think Mondays and Thursdays are "Greece worries" days. Tuesdays, Wednesdays and Fridays are "risk taking" days. Unless of course there's a snowstorm.
FYI - TPS reports that Tuesdays & Thursdays are now Volcano Days.
That's right. Volcanoes are bad for the Euro but good for the USD. Unless they erupt. Then it's the opposite.
In general the readers at ZH are very intelligent and understand the significance of the problems in the EU/Greece. However, the people that don't read ZH, you know, the guys called traders, are not the brightest guys/gals in the room. They don't get it.
Here's what a trader sees today: Existing Home Sales Up! Jobless Claims Fall Sharply! That in turn leads to buying on the dip. If it doesn't affect their immediate world, it doesn't matter. Seems warped but that's the market we have in front of us.
And then a depression broke out. Sounds kinda funny, right? As kids, our history books have all kinds of really stupid comments like that. A war broke out, a fight broke out, .... broke out. Now everyone will live through how a depression breaks out. We are in a depression, and it is being papered over. Eventually the powers that be, will run out of paper and a huge depression will be visible.
here comes intervention #1
Was that a toilet I just heard being flushed?
The higher the risk of soveriegn default....
Consumer discretionary stocks go up even faster!!
Select Comfort
Marriott
Starbucks
traders in aggregate behave like a low level invertebrate. Keep doing what worked until it stops working. Sometimes when it stops working you get taken out on a stretcher. Dems da breaks.
So far buy-the-dips has worked over the past few months so that is what the amoeba will do and keep doing until one day the dip aint a dip its a canyon. Oopsie.
Exactly!
And don't forget they replicate (asexually) until all available resources are consumed. Then mass die-off.
Can't beat Dominatrix Nature.
Something called "Chipotle Mexican Grill" just got UPGRADED by Jefferies & Oppenheimer.
I'm not an American. What does this outfit PRODUCE? Gold? Copper? Corn? Steel? Milk powder?
SPG is STILL being talked up. BET YOU any money (er...CURRENCY) that it ends the session in the black.
The "rush to slush" continues...why, oh why is it so difficult to see precious metals UP and trash DOWN on the same day??? And here we have a day of default for Greece ~ and the trashbag dollar RISES...never-neverland
"There are no markets anymore, just interventions."
http://www.gata.org/node/6242
Chipotle is a restaurant chain in which the owner doesn't buy meat raised in CAFO's(concentrated animal feeding operations)
Chipotle buys forest raised pigs and pastured chickens. We have just started forest raised pigs which will be sold to chipotle
For this fascinating story watch
http://abcnews.go.com/Nightline/chipotle-seeks-model-quality-fast-food/story?id=7843832
Chipotle Mexican Grill makes great burritos! They've been struggling though...gross margin has traditionally been only 10%. McDonald's initially invested in them...then divested. Word on the street was that they were unhappy with the super-thin margins compared to their burger fare.
My Euro just doesn't buy me as much burrito as it used to..
it's called "food" moron. perhaps you've eaten some in your life. oh, and even better it is "served" to you. well, maybe not you since obviously you're extolling the virtues of living in a cave with all your "copper and steel." of course the restaurants are rallying. the last thing you want in an environment like this is "reality." so what do people do? they eat out, they go to movies. and you shout "but your broke! and i broke you!" really? as Rahm's sign on his wall says, "Go f*** yourself."
EUR/USD will make a quick move to $1.30 during the next week. It will be followed by a slower move to $1.25. DXY to stay roughly at 81.5
4.21.10
http://www.zerohedge.com/article/here-how-your-new-soon-be-worthless-mon...
This must be great for the EU export sector to have the euro walked down like this.
Have to wonder if Germany *really* doesn't want this. Greece collapses, the Euro falls, exports suddenly more competitive, a lot of inflation occurs. Exactly what overindebted sovereigns would want at such a time.
On our end, we can get support for our weak auctions, then push our currency down too. A great circle jerk
flag (euro) as junk (0)
really ?? we hit a low from as far back as LAST MONTH!!??? the world must of been very dark in those ages.. how can we relate?
I don't give a flying f--k what CMG makes...such outfits should be belly-up.
Point is, this is Alice in Wonderland. America, the super-borrower-deadbeat-no-credit nation, spends all of its (non-)money on junk like burritos and shopping even as 20% have no job, schools are open 4 days a week and 39% are on food stamps.