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Futures Slide As Draghi Offers Little Punchbowl Hopes
While there was an initial knee-jerk bid for S&P 500 futures as Draghi set forth his unchanged policy (in fact worse, no new measures discussed amid the contraction of the ECB balance sheet), since the press-conference and Q&A began, risk markets everywhere have taken it on the chin. S&P 500 futures are at overnight lows, Nikkei futures are testing back to the 20% correction levels, Spanish and Italian bond yields are surging (back at near-two-month highs), Spaniosh bond spreads back above 300bps, and European stocks are tanking.
US equities...
Italian Stocks...
Japanese Stocks...
and EURUSD's initial weakness rapdly turned around...
Charts: Bloomberg
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Need big time POMO today...
3.0-3.75 billion;
http://www.newyorkfed.org/markets/tot_operation_schedule.html
no POMO tomorrow.
Edgar Winter said it best....
The mountain is high, the valley is low
And you're confused on which way to go
So I've come here to give you a hand
And lead you into the promised land, so
Come on and take a free ride (Free ride)
Come on and sit here by my side
Come on and take a free ride
All over the country, I'm seeing it the same
Nobody's winning at this kind of game
We gotta do better, it's time to begin
You know all the answers must come from within, so
Come on and take a free ride (Free ride)
Come on and sit here by my side
Come on and take a free ride
Yeah, yeah, yeah, yeah
Ooh, ooh, ooh
Ooh, ooh, ooh
Ooh, ooh, free ride
But Euro sovs plummeted and Us mortgage rates rose. Draghi fly effect? http://confoundedinterest.wordpress.com/2013/06/06/draghi-flaps-his-wing...
And financials rally like there is no tomorrow.
Amazing we didn't have 3 consecutive down days this year...
But, but, but...I bought the dip! This can't be...
Get back in there and keep buying that f'ing dip!
Your our only hope Luke BTFDWalker.
I am going all in on close with my 401k. Prepare for a swift downdraft overnight.
Or maybe just incrementally increase my equity exposure, I dont want to cause a panic...
US Stock market otherwise known as the Punchbowl indicator.
Gonna be a long hot summer in DC
Futures slide... Upwards.
Fucking cocksucker. I'd like to Draghi your face over the pavement.
He's Draghi-ng the markets down! Turn off the cameras quick!
Now we know Draghi is short for Draghimarketdown
Draghi's hands are tied until Merkel is re-elected.
"Draghi's hands are tied"
as well as they should be, he should find himself in the clink.
Take my advice...
Never trust an Italian to do anything other than cook.
I resent that....
I can also drive really fast and make sweet love.
But can you walk and chew gum at the same time?
Very valuable talents if you want to be a FED Chairsatan.
Can someone quickly scoop that floating turd from the punchbowl?
awthatsashame
Tyler makes this "turd in the punchbowl" post, and the next minute the ES shoots up 5 points. The Irony.
**
Thursday = the new Tuesday.
Kev' green light on (for BBG super double secret premium users)
They're just playing pocket pool with themselves at this point.....hell shoot ES up to 1,700 WTF difference would that make?
ES 1,700 allows many early retirement--including Bernanke.
ES 1,700 = Helicopter Mission Accomplished (HMA)
In June, every day is Tuesday! Except the first Friday, which is kind of like Monday, but all the other Fridays, yes, like a Tuesday!
Chinstrap, ON
Wrong, ES 1,700 could never be cashed out.
My guess it that Canada will start cutting rates to support its economy, especially its housing market, prices of which are sinking in most places outside of Vancouver, Toronto and Montreal.
RPT-New Bank of Canada chief drops rate-hike signal in 1st remarks(Reuters) - New Bank of Canada Governor Stephen Poloz made no direct mention of raising interest rates in his first public remarks on Thursday but said there was a role for the central bank in nurturing the country's economic growth.
http://www.reuters.com/article/2013/06/06/canada-bankofcanada-poloz-idUS...
Every country will aim for stronger Economic Grote thru inflation and currency devaluation, as Larry Summers implied.
WANT POMO $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
WIR WOLLEN MEHR POMO
NA. KOMM MAL SCHON.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
POMO, S'IL VOUS PLAIT
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The eur and the gbp are a joke! The strong eur is killing Europes exports. Both of those currencies should be trading much lower.
Among a myriad of reasons why this is so... that is, specifically that USD should get it's ass kicked! what if, BOC was supporting the Euro while selling US to: 1) keep their export position with the EU to their best advantange and 2) keep the US on the ropes regarding QEs
Interesting despite all other activity that would tell one otherwise, the Euro is still rallying ;)
After R-E-P-E-A-T-E-D adrenaline injections by central banks, perhaps the chickens are coming home to roost...
FedFUBAR.