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German Stocks Have Worst Week In 10 Months
EURUSD ended the week pretty much where it started - around 1.3100 - having tested from 1.30 to 1.32 during the week. Italian stocks also end the week practically unchanged - despite no government. But... German stocks (DAX) have slumped over 5% in the last six days for the biggest such drop since early June last year. Most other European equity indices end the week down 1.5 to 2.2% but - for some high-beta, JPY-expatriating reason, Italian stocks ripped higher today and saved the week. Swiss rates end the week near their lows. European sovereign bonds in general ended the week flat to slightly tighter. Europe's VIX closes modestly higher (but well off its mid-week highs). So while on the face of it, all is well, the smackdown in core European stocks to 5 month lows suggests things are not going well on the continent.
Worst 6-days in German stocks in 10 months...
Total divergence for Italian stocks today...
As EURUSD oscillated between 1.30 and 1.32...
Charts: Bloomberg
Think this is sustainable?
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what is shocking to me is that they haven't had the worst 10 months in the last 10 years ...
This is just an appetizer for whats coming ...
Much better food in Italy. That must be it.
Naw. It's that stock prices are directly correlated to the hair on their women's backs.
Dow down a whopping 7 points. SP500 up 12 points. LMFAO. The gong carries forward.
Watching the 'market' action today is like watching two people pull on opposite ends of a rubberband; and it's about to snap.
Holen Sie sich um Mr. Chairman arbeiten!
(Get to work Mr. Chairman!)
you mean Zurück an die Arbeit, Herr Stuhlwichser!
No worries. It is 100% sustainable and able to diverge even further with the help of the Fed.
Today is another levitate and hold day. Almost 100% of the days where the futures push beyond 10pts higher never sell - ever. You can average in short all you want and you will never make anything. The volume drops off but there is always a supporting bid in there to hold the market the rest of the day. Low volume never means sell, only buy.
Monday will be another 15-20 pts and we are right back at 1565-70 like nothing happened. A lot of stocks will net be higher than they were before the 50pt sell in ES. They sell them 2.5 then rally them 3.5. Stuff like IBM, FDX ignored. They simply rotate even more money into the other names to keep the averages going. Glass is always half full.
Such high levels of market instability and nobody is worried.
Fools.
You could have 10x volume on sell days vs buy days and it means nothing. There is no metric you can use that actually affects market sentiment any longer. They are able to levitate the market on low volume all the time. It can go up 20 on ES on 1/3 the volume of a recent drop and is able to hold the gains - every time. This appears to be the new normal.
Funds are only sellers of very select names. Instead of lightening up on the buying they just rotate that money into other names - hence why we do not really get any correction. All they have done this week is undo the big push of last week. No real damage was done. They are rescuing and holding it enough today that it will look great for next week.
The weekly chart on ES looks like a top now - do you think that anyone cares? Do you think the market will actually react to it - no way. On most stocks a "sell" pattern is a strong buy. Right as they look to breakdown they do a huge rescue. Again - only in select names do you see any real selling.
I would guess on Monday they will come out of the gate swinging and try to put in at least 15-20pts more gain to "undo" anything that happened this week. They will try to totally destroy the shorts again.
MF* criminals. GOLD expiration prices of GOLD must be kept
under $1400 to let 1400+ calls expired worthless.
F*cking COMEX, monkeys-bernakeys!!!!
Friday always the worth day for GOLD, cause US the only Market open right now
to the finish line. No hugry goldbugs Chinese, all sleeping now.
Don't worry. The CFTC is already at it.///
Meanwhile I bet on market forces, ie overwhelming physical demand.
The forward curve is flattening, that is a good sign.
Let's see: Next target should be 200 day EMA at 7408 and SMA at 7372. Next support level should be 7245/50. This could get interesting.
I'm "hyper-bullish" said Larry Fink before the bottom fell out of the equity markets
It could be worse...they haven't spotted dead animals floating down the Rhine ...or dead Baltic herring washed up on the shores...yet....
My guess is a sth eyen slips and China and SK repsond weakening their currencies, the dollar and euro may get even stronger and worsen their exports even further.
Prediction: Grim to Grimmer
Obviously bullish for US equities....right ?