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European Financials And Spanish Bonds Ignore Equity Exuberance To End Europe's Week Weak
EURUSD - which was active around the US day session all week and dead otherwise - popped up to take out stops at 1.31 today before fading to end the wek marginally higher. Broadly speaking the European 'Dow' was higher on the week but the individual nation stock indices faded quite notably today with Spain and Italy the worst. European credit markets did not play along at all - with financials especially weak. It does seem like European financial stocks are playin catch down to European credit but the pump remains. In other news, the market's 'old' fulcrum security (and perhaps renewed again) - Spanish bond spreads - had their worst week in the last 4 and surged 23bps (when the rest of the market was practically unchanged). Their is a lot simmering under the surface in Europe, but for now, stocks remain cognitively dissonant thanks to the 'promise' even as Italian and Spanish debt levels push top new all-time highs (ahh the austerity of it all).
European credit markets (most notably financials) were not playing along with stocks again this week...
but this has been a trend for most of the year and it seems financial stocks are starting to play catch down...
And while yesterday saw some rally back on US exuberance early on, today saw a consistent trend south - especially among the fulcrum nations...
EURUSD was active around the US day session opens to EU Closes this week - but quiet away from that as it drifted higher...tagging 1.31 stops before fading back today...
but there are no green shoots yet...
Charts: Bloomberg and Pictet
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Sovereign Debt Crisis.. Armstrong, anyone going? .. I'll be there.
OT -
martial law in new york
http://www.examiner.com/article/brooklyn-under-siege-day-4
http://fiercenyc.tumblr.com/post/45326041793/the-nypd-has-declared-a-por...
http://whatreallyhappened.com/de/content/nypd-declares-martial-law-brooklyn
With the Fed backstopping all the European banks, this makes perfect sense.
Odd that this isn't making the mainstream news. Or not odd.
Martial law comes to NYC, USSA....
Main stream Media? They're too busy sucking the cock of OBlahblah and all the other top criminals! Also, heavy news to report on American Idol too....also J-Wow's ass got bigger!
SMI to infinity. What a freaking joke.
U.S. T-10s back under 2%. The euro was up on dollar weakness.
Really wow what a surprise...