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Intraday Dollar Spike Now Completely Ignored By Market
Overnight the dollar weakened materially across all major pairs. Over the past hour, the dollar has surged, going back to virtually unchanged against the euro despite Greek rumors reaching a crescendo. In the meantime, stock correlations have once again broken down, with FX vol leading to no trends whatsoever in the broader equity market, causing increasing headaches for momentum traders.
On chart below, higher indicates stronger dollar
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Oh to be an insider!
Correlations only exist until they notice the correlation. When it is in the favor for example dollar deterioration and gold explosion it is an excuse to rally. When the markets were beginning to noitce the markets falling with the dollar rising they simply paraded out the analysts to say, "Well there really is no reason the dollar should continue higher..however even if it does this the markets should continue to rall." Just like that. You do not actually expect the salesman to tell you their product is horrible and overpriced. This is now the Twilight Zone market. Same with oil which is further proof that this market has a stranglehold of desperation on it.
You said it, brother!
The moment they noticed oil was trending higher with the markets they then had to attack oil. And why? Because they are well aware that the moment people see gas well over $3.00 a gallon in a FUCKING DEPRESSION they will say what is going on here? How can housing be atrocious with jobs vanishing by the minute along with manufacturing not just in the United States but in the global economy as the consumer and the credit associated with it are off a cliff. Oil inventories continue higher so if this is an asset rally why is oil being held in such a tight range. The reality is that if they want to legitimately play the risk trade oil should be well into the 90's by now. The actual reality is that oil is entirely too expensive in the economy and should be at minimum at the 50.00 level it was in 2004 which was already expensive. Oil went for the inflation ride along with housing. So oil is being strangled because we must continue to suck every cent out of the middle class to fund those at the top of the pyramid. Eventually if it is done long enough people begin to believe $3.50 gas is cheap.What is it they say, " He who defends everything defends nothing?"
This is a shameful shameful attack on the middle class the likes we have never seen. And that is what a klepto plutocracy does as their power expands with every dollar thieved.
Americans wanna save? Nope interest rates have been below 4% for the last 10 years 80% of the time. Just when Americans should be learning to save they are being punished for doing such.
Screw them with oil, screw them at the bank, screw them by bailout out the irresponsible on their dime, force them into health care, squeeze small business by forcing them to cover the guy who delivers their milk, screw them with tax credits on overpriced homes and the destruction of perfectly good working cars.
1) Trash perfectly good working automobiles. 2) Give people credit to purchase new cards paid for by taxpayers 3) Run an unending propaganda campaign against Toyota and hold congressional hearings 4) Release a report highlighting that Americans lost faith in Toyota and are gaining in U.S. made vehicles.
http://www.portfolio.com/views/blogs/daily-brief/2010/03/25/ford-drives-...
How about Americans focus on making quality cars at affordable prices? Well they cannot because the union mafia will not permit them. Maybe McCarthy was not all that crazy.
John
Thats why I dont understand why American still want to hold the min. pay when we are living in a globalized world. The Ameican is losing so much edge by demanding higher pay than the world do. With the way the government is printing money for the last 20 years, the American also cant just manufacture everything within US otherwise inflation will definitely come.
So what I am saying is unless there is a structural change in US labor force demand, no way US can come out from this black hole. Another possibility might be to start a war to distroy all those over capacity (physical war) not monetary war which is currently happening.
Well I am in the camp that in order to rebuild the economy ( A fucntional economy) we needed a crash and acceptance of a depression to spur savings, reward savings, harness risk and get the unions (state & federal) to accept that they have been overpaid especially in relation to early rampant retirement abuses.
We need to attempt to return those jobs back the United States and make clear that no job is too good for Americans. I believe we are long overdue from a population standpoint for another World War. Just look at the armaments and buildup of our nation of the past decades. It is like planning the most elaborate expensive part in the history of mankind just in case someone decides to show up. Trust me if nobody shows up were going to go out at and force them into our party at gunpoint eventually.
All this talk about gold and the safety it provides is warranted but when you just glance at the superority of the American military in comparison to the rest of the globe it is frightening. That is why I beleive concerns over eventual default are logical but illogical because the only purpose of military spending is the eventual accretion from "looting and plundering" of a city,nation, continent just like the olden days. The enemy must yield more than the spending.
Basically what I am saying is that America could simply tell China " we are not going to pay you" selectively and what can they do about it? Go to war?
Nukes bitches.
Gotta spike-up those 401k's before Uncle Sugar takes them over, in the name of "fairness", of course: http://moneynews.com/StreetTalk/unions-401k-pensions/2009/03/17/id/32886...
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