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Europe Surges; Germany's Best 8 Days In 18 Months Closes At All-Time High
Quite a day. European stocks exploded on the noise of the US payrolls beat this morning. Unusually Germany's DAX outperformed (as opposed to high beta momo monkeys like Spains IBEX or Italy's MIB) taking it to its best 8-day run in 18 months (sure, why not) and within 0.25% of its all-time intraday highs (but highest close ever). All European indices surged and while euphoria reigned throughout (for some reason), European sovereign bonds leaked higher in spread (deteriorated). EURUSD reversed its losses on NFP and stabilized unch from that data point (though 55 pips higher on the day) as EURJPY was the dominating pair. German and Swiss 2Y remain negative though both saw rates rise today. Europe's VIX collapsed from 20.5% to under 17.5% today, its lowest in 2 months. Today's 'squeeze' in Europe had started early in credit and it seems stocks just played catch up when the NFP print hit.
DAX within 20 points of all-time high... but highest close ever
European credit was being squeezed hard early and the NFP pront was the trigger for equity to join it...
European bonds were not as excited as stocks at today's NFP...
and EURUSD roundtripped to where NFP printed...
Charts: Bloomberg
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Nevermind the terrible top line reports that we just went through. Buy moar stawks!
And people still say that printing to the moon doesn't work...going down to buy me a new Ferrari and a maybe a new home security system.
All we can say is:
LOL!!
Home security system is thinking ahead. It's funny - such a giant disconnect, over where I am you'd never guess the economy was anything but booming (outside of particular commodities). Can't make Bentleys fast enough for the folks here, offices a madhouse of activity, money flowing like the Niagara.
Buy now, or be priced out forever!
http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=1&chfdeh=0&chdet=1367611200000&chddm=98372&chls=IntervalBasedLine&cmpto=NYSEARCA:UDN;NYSEARCA:USO;NYSEARCA:DTYS;NYSEARCA:GLD&cmptdms=0;0;0;0&q=NYSEARCA:SPY&&fct=big&ei=ytuDUYGRJKmv0AGOuwE
Oh and don't worry about produced goods. They are flying off the shelves, so demand is really, really high. http://bloomberg.econoday.com/byshoweventfull.asp?fid=456284&cust=bloomberg-us&year=2013&lid=0&prev=/byweek.asp#top
Europe surges?
Is that because they read our bogus jobs numbers?
http://www.washingtonpost.com/business/april-jobs-report-will-show-whether-employers-remain-cautious-about-stepping-up-hiring/2013/05/03/c84315aa-b3a6-11e2-9fb1-62de9581c946_story.html
So crashing into another severe recession is good for stocks...oooooooo-k.
Are they teaching this in Econ 101 yet?
Anyone care to explain the 6%+ surge in copper? Do people really believe this NFP print is signaling global growth???
Something just ain't right.
Well...beyond the somethings that haven't been right for years now.
Something feels FUCKED.
Well...beyond blah blah blah.
I've felt extremely uneasy this week. More so...
Pump and....
Retail, This is your chance to hand-off to GS.
Bill Gross put the word out.
I'm in the UK and therefore trade European stocks, on the 19th April the DAX hit a 2013 low of 7415,after relentless selling , only to be dragged up by thatfuckpig Bernanke, this high is bollox as far as I can see, as are all the other European indexes. Europe is fucked, these artificial highs are a joke.
10% up in two fucking weeks! on fucking shite data from Europe and Germany... this is really going to end well!
Jubber from Ticker forum? Welcome. :)
Economic theatre, all staged, like a false market flag bombing. Wheeeee.
Do you trade individual stocks or the Euro 50 index?
If you'll excuse me I have to go meet with a exuberant wholesaler telling me how we have no place to go but up....at least 'll get a free lunch from the deal.
'Nowhere to go but up'....so, I guess he's also saying that things couldn't possibly be any worse than now?
lol.
Well after today I feel a little better about things.
The UKIP here has managed an astonishing 26% of the vote in the local county council elections. That means us racist, fruitcake idiots and swivel eyed lunatics now number on-in-four of the elctorate. Are they perfect? No. Are people waking up to the lies, deciept, and thieving fucking peodophiles running the country at present?
Fucking damn straight they are. Chin up folk, if we are managing a bit of a wake up call, it is possible anywhere. And as to the bollocks coning out of Germany, thats all it is, downright fucking bollocks.
Chin up bitchez, we aint done yet.
Over here (Portugal) we have five socialist parties. Better said, all five political parties are socialists. I have tried for the past 42 years to make up my mind as to the cause - gene pool, centuries of entitlement, easy money, warm weather - and given up. Twelve gauge, I think.
what was Blair`s take of the vote last time he got elected? I seem to remember only 26 or 27 %
If correct, when the tories and weasel democrats have a look at westmister seat boundary data and start to do a projection they will shit themselves. UKIP took votes from everybody.
It will be good to watch Cameron squirm, we will not forget his broken Euro referendum promise. He has a good chance to shoot himself completely in the foot now - by doing a knee jerk lurch to the right, alienating yet more support and causing open warfare in the ranks. Even a dramatic collapse of his lame co elition.
I think the big appeal of UKIP to many is that they are not a bunch of carreer politicians, they seem normal in comparison to the tossers we have had to choose between before.
FAKE NUMBERS.....TO THE RESCUUUUEEEE!!
"Seig HIGHER"...!!
Must be due to both German sides being in the Champion's League Final...!!
For 8 days now, the Germans have known that the Swiss are not going to cut in front of them in the line FRBNY gold withdrawal window...
post hoc ergo propter hoc
(if only because they beat even the sulfur-scented ghost of Hugo by a decade)
All markets at or above all-time highs, while real world economic conditions + debt has never been worse.....sure will be interesting seeing how this Rube Golbergian contraption suddenly flies into a million pieces one of these days!
Please tell me how germany's market is at all time high when they are on the border of recession?!?!?!?!
You have to conclude that the buyers expect a Zimbabwe or Argentinian end game - and they could well be right.