• Monetary Metals
    07/28/2014 - 02:38
    Notice the “icicles” dripping all over the place? They occur at different times of the day. What are they? Each one is a brief but dramatic price drop.

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21 Dec 2012 – “ Blue Christmas ” (The Dread Zeppelin, 2002)





Trailing the US, as not much else to do. EGBs firming up, but mostly because they‘re supposed to do so, as Equities end a little softer, because they have to, as well. Credit likewise. So no Risk highs under the Xmas three… All because of the US. Blue.

"Blue Christmas" (Bunds 1,38% -4; Spain 5,23% +1; Stoxx 2644 -0,6%; EUR 1,318 -40)

 
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20 Dec 2012 – “ Merry Christmas (I Don't Want To Fight Tonight) ” (The Ramones, 1989)





EGBs and Equities rather a side-story today, as mainly static. EUR, too. Spain ticking in. Italian 2s on new lows (with the old reference nearing 1.5%). Good US GDP, bad Gold Dump Party (GDP, too). Worse Silver sell-out. Metal weakness? Maybe the Mayans are getting rid of their stocks before tomorrow? Another shy EStoxx high and Risk low. Don’t fight (the trend)…

"Merry Christmas (I Don't Want To Fight Tonight)" (Bunds 1,42% unch; Spain 5,22% -3; Stoxx 2661 +0,1%; EUR 1,322 -40)

 
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19 Dec 2012 – “ Oh Come All Ye Faithful ” (Twisted Sister, 2006)





Would be easy to call this boring, given the state of the market and volumes, but undercover Risk On definitively there. Greek 10s over the moon and far away (up 500 ticks)… Strong EUR. Seems a little easy, but who wants to fight? It’s Yule Time – at least until Friday, then we’ll see what the Mayans really meant.

"Oh Come All Ye Faithful" (Bunds 1,42% +0; Spain 5,25% -4; Stoxx 2658 +0,4%; EUR 1,326 +40)

 
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18 Dec 2012 – “ I Saw Mommy Kissing Santa Claus ” (John Mellencamp, 1987)





Another boring session, worsened by year end inactivity… Good close. Fiscal Cliff haggling on-going with a positive spin this time and Risk riding high.Spain catching up and paring yesterday’s soft patch, as is Italy. ESToxx at the highest since Aug 2011. Credit very squeezed. EUR strong. Merry Mood!

"I Saw Mommy Kissing Santa Claus " (Bunds 1,42% +5; Spain 5,29% -12; Stoxx 2647 +0,7%; EUR 1,322 +50)

 
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17 Dec 2012 – “Jingle Bell Rock ” (Billy Idol, 2006)





Utterly boring Monday session, worsened by year-end inactivity… Won’t get any better going forward, probably. Fiscal Cliff a cliff-hanger (I know, cheap)… Spain on the heavier side with contingent funding holes still popping up here and there.

"Jingle Bell Rock" (Bunds 1,37% +2; Spain 5,41% +4; Stoxx 2628 unch; EUR 1,317 +30)

 
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Shuffle Rewind 10-14 Dec " Lazy Sunday Afternoon " (Small Faces, 1968)





Bingo Bongo, Good News hailing, Sleepily digesting in the South to end Stuck… What an uninspiring week… Felt slow as a Sunday Afternoon– for 5 days in a row… The only thing that wasn’t lazy and laid back was the EUR.

 
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14 Dec 2012 – “ Stuck in the Middle with You ” (Stealers Wheel, 1972)





Utterly boring Friday session, worsened by year end inactivity… PMI figures, which were actually needed on the more positive side to justify the latest levels in Risk were just so so in Europe. But, who cares? Periphery recovering further with Spain actually the best performer on the week (outside the bailed-out gang). US stuck despite better figures.

"Stuck in the Middle with You" (Bunds 1,35% unch; Spain 5,37% -1; Stoxx 2628 +0,2%; EUR 1,314 +60)

 
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13 Dec 2012 – “ When It's Sleepy Time Down South ” (Louis Armstrong, 1931)





Markets getting back to some normality with the Periphery still recovering, although less today after the auctions, Bunds 5 wider on the week, Italy 10, but Spain 7 tighter across the curve from last Friday. Equities and Risk oblivious to that anyway and synching with the US. Getting difficult to find something crisp out there with reduced news flow and volatility. Excitement to be found in the US on FC developments, now that Greece, Spain and Italy are seemingly off the table and that the FED has moved to QE4.

"When It's Sleepy Time Down South" (Bunds 1,35% +1; Spain 5,38% +4; Stoxx 2622 -0,2%; EUR 1,308 +40)

 
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11 Dec 2012 – “ (Ain’t That) Good News ” (Sam Cooke, 1964)





Markets recovering quite nicely from the Italian shock. Add some better outlook figures and we’re all friends again. The Spanish bill auction was less punishing than could have been feared. US opening stronger. Everything else is all good again. Greek bonds stellar.

"(Ain't That) Good News" (Bunds 1,32% +2; Spain 5,45% -9; Stoxx 2623 +1,0%; EUR 1,299 +60)

 
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10 Dec 2012 – “ Uh...Uh - Bingo Bongo ” (Adriano Celentano, 1982)





Surprisingly stable Risk. BTPs shot down in style. Italy? Down. Chinese data? Partially weak. Japan? In recession. French data? Weak. German data? Strong. Wow! Better have Friday’s PMI numbers really good. Analysts having to reinvent themselves once more as political experts to glare into a smoky crystal ball… Italian contagion contained, for now. Uh…Uh…!

"Uh...Uh - Bingo Bongo " (Bunds 1,30% unch; Spain 5,54% +9; Stoxx 2598 +0,0%; EUR 1,293 -20)

 
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Shuffle Rewind 03-07 Dec " Only When I Sleep " (The Corrs, 1997)





Shuffle Rewind 03-07 Dec " Only When I Sleep " (The Corrs, 1997)

This week in review (compared to Fri 30 Nov COB):

Click on day for related post, on title for song.

 
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07 Dec 2012 – “ Bruttosozialprodukt ” (Geier Sturzflug, 1982)





Hmmm… Need to find another way to kill time until Year End. Morning highs, lunch time lows and then trailing the US. EGBs on the stronger side with augurs seeing a weakening Germany and calls for lower rates putting the EUR under pressure. Ok, Germans: now work! Somebody has to pay the bills!

"Bruttosozialprodukt " (Bunds 1,3% +1; Spain 5,45% -1; Stoxx 2597 -0,3%; EUR 1,295 -20)

 
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06 Dec 2012 – “ Magic Carpet Ride ” (Steppenwolf, 1968)





Strong start in Risk to take out new 2012 highs in Equities and trying to retrace near 2012 Credit lows, too. Core EGBs cool. Bunga Square’s rug pulling scuttled all that easy living by noon, weighting on the Periphery and boosting Core EGBs. ECB gloomy. Equity – bond divergence not a flyer yet, though… US sideways and Risk Watchers back to scanning European politics. EUR falling of the carpet.

"Magic Carpet Ride" (Bunds 1,29% -6; Spain 5,46% +8; Stoxx 2605 +0,6%; EUR 1,297 -100)

 
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05 Dec 2012 – “ Furry Happy Monsters ” (R.E.M., 1999)





Lather. Rinse. Repeat. Over and over. Europe doing about fine on its own and with an urge to test higher risk levels, in absence of negative news. Spanish BONOs feeling sad… US look more fickle. Is the fruit getting bad? Question of Muppets getting nervous out of boredom, or what?

"Furry Happy Monsters" (Bunds 1,35% -4; Spain 5,38% +15; Stoxx 2589 +0,1%; EUR 1,307 -10)

 
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04 Dec 2012 – “ 11 O'Clock Tick Tock ” (U2, 1980)





Lather. Rinse. Repeat. Europe doing about fine on its own and with an urge to test higher risk levels, in absence of negative news. US more fickle on FCDRE. If this goes on until year-end… If it wasn’t for a bit of FCDRE… Tick. By. Tick. Movements. Equities high. Soft Core closing on historic lows.

"11 O’Clock Tick Tock " (Bunds 1,39% -2; Spain 5,23% -1; Stoxx 2587 +0,3%; EUR 1,308 +20)

 
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