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Peripheral Spreads Update As ES Takes Out 1300
The first part of the market's kneejerk reaction, wherein it goes up for no other reason than pricing in what is already a given (the alternative being of course a fast track to Albert Edwards' and Russell Napier's target of S&P 400) courtesy of the Greek vote is already taking place as futures are about to regain 1300, a 40 point move in three days (on decreasing volume naturally). This is not a surprise and the question, as we posed last night, is what happens next once the traditionally stupid market realizes that absolutely nothing is fixed and the situation is worse off than before. In the meantime, attached is a chart of the happenings in peripheral bond spread world, where after some early rejoicing, a somber mood is already coming back.
ES:
Spreads:
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Tyler when SPX hits 1315 Moving Averages (50,100) will act as resistance and then SELL OFF , the news.
I can't see this vapo-rally NOT running half way through the morning at least. Bulls are in charge, until they all go on vacation.
prepare ship for ludicrous speed...
The only way to get where you're going before you left.
Spain retail sales collapsed, down roughly 6% YoY and Catalan Nationalist Party said it won't suppport PM Zapatero's budget which might lead to early elections. But reality seems to matter less and less, it's the incremental monetary or fiscal crack that matters. The half life of new dosage is getting smaller though so finally the earth will call all these peripheral "markets".
All you people know they need to maximise the S&P and brother Dow. It's the mid year bonus season and the fact that the World is going to hell in a hand basket means we must all pray and believe in the power of positive market movements so the books looks the ducks nutz.
Down on your knees and pray and give thanks to the market gods {Sark spark} off
Me- I just laugh at the obvious bullshit.
as an aperitif - 1000 laid off in the land of OZ because the beef trade to Japan has just stopped. They are just not buying beef (or anything else for that matter) and so I am clear this is not the live trade with Indonesia fellas this is the real deal. Its going into a spiral dive
Oz is so fucked its almost funny, crazy how in the face of obvious dislocation the mad witch wants to push thru some insane carbon tax.
The continent has been so comprimised by special interests it'll take decades to unwind the clusterfuck.
Along with "buy and hold" the "markets always look forward" mantra is also inoperative.
I can't prdict the future, becaue I only know what the charts say, the first thing almost everyone should realize is that listening to the news as if it has an impace is reather silly. if you become a good plotter almoist each and every point the market goes to you can see has been programmed in advance. algo's have to use something. I use speed lines and traingles.
All the news is bad news,....... so WTF.
Eat, drink, and be merry for tomorrow..........
Remember how oil behaved pre- and post July 4th in '08?
Wash, rinse, repeat...this time with equities.
When the "market of one" stops propping things up, and folks wake up to the end of QEII after the fireworks, the vapor-bull should take the double-black diamond express to reality.
Bingo.
Today's patterns, while not exactly repeating, are very likely rhyming with those of mid-2008 and/or early 2010.
so as shit hits the fan in shares later on this AM, or when SPX trades around 1300, do commodities stay bid?
Puts are on Sale! Get em while they're hot!
The summer rally is....ON.
Yields = bigger kleptocracy and little social benefit for the masses.
Nothing is fixed, but the market doesn't care because it's not a discounting mechanism instead it's all about creating an illusion while the biggest theft in history is taking place.