Futures Surge On Greek Bailout Report
Following the previously reported news that Germany is sacrificing its political leadership, not to mention credibility, to bailout its banks, futures are currently ripping. As the chart below indicates, ES is surging right now, even as the broader risk basket is left far behind, since the markt realizes the "Brian Sack" pod at Citadel will be double taxpayers doubletime.
And since the entire stock market is now driven by the relative move in the EURUSD, with over 80,000 long EUR contracts recently eliminated in the net spec non-commercial position (as we presented previously) and as the net USD spec position moved from a net short to a net long for the first time since January, expect to see a pronounced knee jerk reaction as the FX specs proceed to get roundtripped for at least a few days. Which if nothing else buys the insolvent governments just that: a few days.
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