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Another Red (Profit-Taking) Day For Europe
European stocks closed red for the third day in a row amid what we can only assume CNBC's Simon Hobbs would call profit-taking. Spain underperformed Italy but the DAX was worst on the day -0.8%. European govvies were quiet except for Spain. Spanish 2Y yield jumped the most in a month as 10Y spreads rose 10bps. It's a little early to sound the alarms here but the trend does appear to have stalled and with 2Y Swiss at its lowest (most negative) rate in 6 weeks, risk appetite seems to be lagging in Europe as Rajoy just won't says 'Si'. EURUSD is a little stronger on the day. Credit markets were as quiet as sovereigns with equities underperforming into the close and Europe's VIX popped back above 21% for the first time in 2 weeks.
European equity indices faded fast into the US day session...
2Y Spain jumped the most in over a month but remains on the extreme low yield side of the last six months...
as 10Y Spain also moved away from its peers...
Charts: Bloomberg
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GE waterfalling, bitchez!
Yeah, kinda like how the crash in 2008 was just profit-taking from the housing rally...
...BWAHAHAHAHAHAHAHA!
Hey but SVU is up 29% today. No circuit breakers though because 30% pops are cool.
Correction: 40% pops are fine.
Some years ago profit taking took place on stocks which were upped before, nowadays profit taking is bubbling up risky assets, then take everything from everywhere else whilst flatlining the risky ones?!
lookin good, lookin good
...Nurofen anyone?!!
S&P 1430 is the Maginot line today.
Long the $VIX looking for 25 then 40 over the post-election CRASH period. The CNBS crowd are starting to sweat now that parent GE is guiding lower. Simon Hobbs will be interviewing Jon Corrozine on FOX news wearing a thong and a handlebar moustache. The horror, the horror...
I think the IMF is right. Just forgive all the debt everywhere. That should work well
'Profit-taking'....yea sure greater richer fools everywhere to dump the pumped-up garbage to. Uh huh.
OK, so 1425 breaks on SPX, but Dow recovers simultaneously, and Naz never participated in the move - What kind of fawkin moron trades this nonesense???