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Europe Is 'Fixed' Again

Submitted by Tyler Durden on 04/10/2013 11:49 -0400

No news is good news apparently. European stocks had their best day in over seven months today. Spanish and Italian equity indices surged - now +4.7% on the week. Italian bank stocks were halted limit up. European bank stocks smashed 6% higher - the biggest rally day since early September. Sovereign bond spreads leaked lower (Italy/Spain -16-20bps on the week). EURUSD ended the EU session -20pips (but off over 65 pips from overnight highs). While stocks went out at their highs (and credit at its tights), Europe's VIX pushed notably off its lows into the close - ending at 19.2% (and Swiss2Y held near its lows of the year).

Best day in 7 months for EU banks... (jumping off that ledge of support)

Best day in 7 months for Italian and Spanish stocks...

But why was protection so bid into the close?

Cjarts: Bloomberg

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Wed, 04/10/2013 - 11:50 | 3431675 DrDinkus

i used to enjoy trading.

Wed, 04/10/2013 - 11:51 | 3431677 rajat_bhatia

I hope we don't see another such headline tomorrow, after all if its fixed, why fix it every other day?

Wed, 04/10/2013 - 11:53 | 3431678 Lost Wages

"Woohoo! Cyprus is selling their gold!" is what they were thinking.

Wed, 04/10/2013 - 11:59 | 3431723 Abraxas

They'll give us a break for a day or two and then they'll start raping some other, slightly bigger country. To be continued until the victims start enjoying it.

Wed, 04/10/2013 - 12:04 | 3431762 toady

Yep, ten tons of gold is a pretty good maintenance dose. Might keep'em on an even keel for a couple days...

I want to know who the buyer is!

Wed, 04/10/2013 - 11:53 | 3431681 Cognitive Dissonance

So the fix is in?

<Just askin' cus I can.>

Wed, 04/10/2013 - 11:55 | 3431700 McMolotov

Sunshine, lollipops, and rainbows.

Bitchez.

Wed, 04/10/2013 - 11:57 | 3431717 prains

What did Ben buy now?

Wed, 04/10/2013 - 11:56 | 3431704 swissaustrian

Something is going to be announced after the US close.

Wed, 04/10/2013 - 12:01 | 3431743 McMolotov

War with North Korea? That can only be bullish.

Wed, 04/10/2013 - 12:02 | 3431754 prains

Woar

Wed, 04/10/2013 - 12:05 | 3431785 Cognitive Dissonance

Moar woar.

<It's what's for dinner.>

Wed, 04/10/2013 - 12:42 | 3431972 morning

Bump. Portuguese PM has only 48h to present enough austerity to cover the 6B (annualized...) hole in the budget.

Wed, 04/10/2013 - 15:12 | 3432909 Pseudo Anonym

leftovers, that's what's for dinner

<It's what's for dinner.>

Wed, 04/10/2013 - 12:06 | 3431780 swissaustrian

Maybe a bailout/in deal for Slovenia?

Wed, 04/10/2013 - 11:57 | 3431716 HD

I'm honestly having chest pains.

Wed, 04/10/2013 - 11:58 | 3431726 Bearwagon

This SO doesn't reek!

;-)

Wed, 04/10/2013 - 11:59 | 3431729 IridiumRebel

I've said it before and I'll say it again....WE ARE SHAVED! WE ARE SHAVED! What could go wrong with trillions of deposits at your beckoning.....?

Wed, 04/10/2013 - 11:59 | 3431730 EscapeKey

"That is the world that we are preparing, Winston. A world of victory after victory, triumph after triumph after triumph: an endless pressing, pressing, pressing upon the nerve of power. You are beginning, I can see, to realize what that world will be like. But in the end you will do more than understand it. You will accept it, welcome it, become part of it.""

Wed, 04/10/2013 - 12:10 | 3431801 Cognitive Dissonance

Bravo!

<Nineteen Eighty-Four for those who don't know the reference.>

Wed, 04/10/2013 - 11:58 | 3431731 jbvtme

why the big push today?

Wed, 04/10/2013 - 12:00 | 3431738 e m m

Global markets are celebrating the Fed's insider leak. Oh joy!

Wed, 04/10/2013 - 12:00 | 3431745 HD

Not even a POMO day...

Wed, 04/10/2013 - 12:02 | 3431749 Biggieshort

DOW up 125, VIX flat (my quote may be wrong)...hmmm

Wed, 04/10/2013 - 12:04 | 3431764 thismarketisrigged

wow that was fast, these guys are great.

it takes years to build a building or something, but to fix an entire continent takes a few weeks only. truly amazing.

so i guess i am going to go on a shopping spree now that everything is fixed, woo thank god, that was close.

(sarc)

fuck europe, i hope everyone there, bankers mainly lose there shirts

Wed, 04/10/2013 - 12:04 | 3431777 88888

Funny even when we are up 18 handles, VIX manages to go positive. oops. tradingvix.blogspot.com

Wed, 04/10/2013 - 12:13 | 3431807 e m m

Looking at the market section of ARD news for the reasons of the rally:

good sentiment
investors are going on bargain hunting

Wed, 04/10/2013 - 12:22 | 3431874 1eyedman

incredible.

theres a twighlight zone (speilbergs series) where a guy wakes up and words have different meanings and has to relearn english.

"save" by spending money. more debt is a rescue. ads dont tell you the cost, only how much you save. 20x earnings is a good 'value'.

Wed, 04/10/2013 - 12:12 | 3431823 1eyedman

have the muppets all placed their buy orders for thier 4pm mutual funds? check

high volume spike, with a whole afternoon for props to take profits, but keep it green! so we can say highest ever, highest close, on high volme (but maybe it reverses and gives up 15 points, perhaps)

tlt filled the gap from a few days ago, gold testing, goldman saying sell gold and tsy's. got it. bring in the muppets!! give in to the dark side, everybodys doin it!

Wed, 04/10/2013 - 12:17 | 3431858 WTF_247

Up days almost always stay up. You can get some fade but most of the time its a fools bet. Once the ES is up over 10 pts it rarely gives up the gains - it might stop and tread water but rarely sells off. Most of any gains from fading happen overnight. Good luck figuring out when that will be.

Wed, 04/10/2013 - 12:33 | 3431922 1eyedman

there have been 3 in the past 11 trading days. yesterday was the second time spy closed geen and rut closed red, 4/4 was the first. after a long time, the wed-fri 40 pt phenomena may be reappearing.

Wed, 04/10/2013 - 12:17 | 3431848 WTF_247

Looks like SP500 going to break 1600 easily. We are up about 50pts on ES off of the lows of just 3 days ago. Nasdaq up almost 2% today. Why not SP500 up 5% for the week?

If we push to 1615 we will have made it so. All we need is nother 40 pts in 2.5 days to pull it off.

Wed, 04/10/2013 - 12:18 | 3431860 marcusfenix

"Europe is fixed again"

Friday humor on a Wednesday.

Wed, 04/10/2013 - 13:01 | 3432056 Edward Fiatski

Smells like dead cat bounce.

Wed, 04/10/2013 - 13:25 | 3432184 DutchR

Europe can't be fixed, it has no balls...

Europe Is 'Fixed' Again

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