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Leaking Credit Ignoring Sudden Dollar Strength As Stocks Trade With Every Tick Of The DXY
As always, a much more rational credit market is not following the sudden intraday exuberance of stocks, which are trading in lock step with the DXY and specifically the EUR-JPY pair: every correlation engine is primed to copy step for step how the Euro and Yen trade in the stock market. With all indices green for the day, the culprit is solely the DXY which has taken a downleg over the past 30 minutes for no particular reason. In the meantime IG, HY, SovX and, yes the STUPIDs, have all put their fireman's hat on: IG is 2.5 wider, HY is 15 wider, SovX is 6 wider to 112, the UK passed a hundred and the prevalent STUPIDity is surging to 242 from 235, another recent record.
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Could this be the top for the dying doelarr? The Double Xrossed Y is looking winded. This reminds me of an 'Merican walking a marathon only to stop for a burger half way through. The sun might be setting on this king today. Personally I am beginning to think that DJ 10,000 is the number the PPT and Morgan's Market Manipulators want to see as the bottom of this leg. Let there be light! Buy silver!
Where's the FED today?
Credit always goes into hiding before the proverbial sh!t hits the fan. Plus financials are weak and we have three straight days of longer dated note and bond auctions coming up.
I wouldn't want to be long here.
Credit smarter than equities in everyway...
We are all currency traders, now.
...unexpectedly...
Can we expect to see the reverse of what happened to equities occur with the USD...that is it will remain overbought for months!