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Europe Ends Worst Week In Six On AAPL-Driven Upswing

Tyler Durden's picture


Most European equity and sovereign bond markets suffered their biggest loss this week in the last six. Thanks to a somewhat notable rally from the US open today into the European close (seemingly driven by AAPL's bounce off its 55-week average and S&P 500's bounce off 200DMA), things don't look like the 'worst week in six months' that we had been expecting. European credit markets moved tick for tick with stocks - though we note risk appetite does not seem to be following through in high-yield credit. Spanish bond spreads rose 27bps on the week (and Portugal 45bps) as Europe's VIX closed up 2 vols on the week at 22.35% (well off its highs of the day at 24.75% which are two-month highs). EURUSD slid below 1.2700 into the European close (down ~200pips from the highs) - its lowest in two months.

Sovereign bond spreads bleeding...


Credit tracking stocks in general on the week - though XOver was far higher beta in the selloff


while Spain (and Italy) saw their worst weeks in the last six


but they look a lot better on the week than they did before the US open...


and EURUSD is back at two-month lows...


Charts: Bloomberg


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Fri, 11/09/2012 - 12:46 | Link to Comment jeff314
jeff314's picture

People talk about the Fiscal Cliff but what about the debt ceiling...

Fri, 11/09/2012 - 12:51 | Link to Comment fonestar
fonestar's picture

In other news the morons at OWS are going to fight the power... (by buying debt and dollars lol)

Fri, 11/09/2012 - 12:52 | Link to Comment Mark Carney
Mark Carney's picture

noothing to see here, move along.

Fri, 11/09/2012 - 13:35 | Link to Comment slaughterer
slaughterer's picture

BEARs are fucked: this will rally until triple witching in Dec.  See ya all at ES 1520. 

Fri, 11/09/2012 - 13:49 | Link to Comment gjp
gjp's picture

Man you are all over the map, slaughterer. Did you forget to take your meds?

Fri, 11/09/2012 - 14:24 | Link to Comment slaughterer
slaughterer's picture

Meds?  I moved to Colorado yesterday.  I am fine now.  

Fri, 11/09/2012 - 12:47 | Link to Comment LongSoupLine
LongSoupLine's picture

Just a speed bump on the freefall down.

Fri, 11/09/2012 - 12:51 | Link to Comment JPM Hater001
JPM Hater001's picture

That's my thinking.  The ramp up to 13245 was much steeper before the plunge to Thursdays 12811 low. 

This is like the tragic mastodon who succumb to the tar pits and most likely died from exhaustion as the vultures picked at its decaying, not yet dead, carcass.

Fri, 11/09/2012 - 13:28 | Link to Comment Rathmullan
Rathmullan's picture

Some bot jockey still has the pre-election buy confidence ramp algo on. Probably Kevin (the dumb ass).

Fri, 11/09/2012 - 12:56 | Link to Comment spastic_colon
spastic_colon's picture

all setting up for a bond marketless monday rally

Fri, 11/09/2012 - 12:48 | Link to Comment Calidreaming
Calidreaming's picture

I say-  "Let em crash"

Fri, 11/09/2012 - 12:59 | Link to Comment Sweet Chicken
Sweet Chicken's picture

+1 Excellent Airplane quote! 

Fri, 11/09/2012 - 13:03 | Link to Comment buzzsaw99
buzzsaw99's picture

Ham on white, hold the Mayo.

Fri, 11/09/2012 - 13:38 | Link to Comment Sweet Chicken
Sweet Chicken's picture

Enough with your 'white zone' shit again

Fri, 11/09/2012 - 12:53 | Link to Comment GraveyardSpiral
GraveyardSpiral's picture

@jeff314:  Its not considered a"real" ceiling if you live in a tent; you just pick it up and move it somewhere else.... so the inhabitants don't see the that they are downstream of a leaking dam!!

Fri, 11/09/2012 - 12:53 | Link to Comment climber
Fri, 11/09/2012 - 12:57 | Link to Comment mess nonster
mess nonster's picture

we're all fucked

Fri, 11/09/2012 - 12:58 | Link to Comment falak pema
falak pema's picture

chose your partners appropriately, if u can.

Fri, 11/09/2012 - 13:18 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

+1   Counterparty risk at play.

Fri, 11/09/2012 - 12:58 | Link to Comment Yen Cross
Yen Cross's picture

 Would POTUS come out and speak already!? It would be nice to get one trade in today.

Fri, 11/09/2012 - 13:04 | Link to Comment NotApplicable
NotApplicable's picture

Wait, I thought he's through with public appearances. What's he got left to say?

Maybe he'll give his opinion on the BCS rankings, or something?

Fri, 11/09/2012 - 13:02 | Link to Comment Martdin
Martdin's picture

You know it's bad when QE to infinity isn't enough

Fri, 11/09/2012 - 13:05 | Link to Comment Earl of Chiswick
Earl of Chiswick's picture

Heads UP for the next scene in the puppet show

The President will be arriving with a smirk and bringing human props along to make his point - a couple of down on their luck folks who represent the 99%

(Translate  FU Boner these are two of your constituents)

Fri, 11/09/2012 - 13:32 | Link to Comment Yen Cross
Yen Cross's picture

 The CNBS BTFD mill is redlining right now! The tools just don't get it... You can't grow your way out of this mess. We should be delevering and downsizing.

  Those guys are so levered up that they believe their own shit... They are running scared, like a bunch of "hobos", fighting over a ham sandwich.

Fri, 11/09/2012 - 13:34 | Link to Comment stormsailor
stormsailor's picture

if you sold all your /es shorts at 1364.5.  time to reload is around 1387.

just a public service message.

Fri, 11/09/2012 - 13:38 | Link to Comment slaughterer
slaughterer's picture

Gee Tyler, were we supposed to start shorting AAPL yesterday?  Does ZH membership come with a vaseline delivery from Costco?

Fri, 11/09/2012 - 13:57 | Link to Comment stormsailor
stormsailor's picture

your pic is making me strain my eyes slaughterer.


if you were to take my above advice set a stop out at 1389.  never,ever,ever trade /es without one.

Fri, 11/09/2012 - 14:40 | Link to Comment BobRocket
BobRocket's picture

Only Apple are buying AAPL now

Fri, 11/09/2012 - 15:03 | Link to Comment stormsailor
stormsailor's picture

thank u, thank u ver mush.      hold that to the close and make some coin.

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