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European Peripheral Stocks Exploded Higher This Week

Tyler Durden's picture




 

Even Draghi proclaimed anyone calling the crisis over as 'premature' but that was ignored by the fast-money momo chasers looking for where to rotate their cash on the sidelines as US momentum fades. Greece, Portugal, and Spain stocks literally exploded higher this week:

  • Greece +7.7% - best week in 8 months
  • Portugal +4.7% - best week in 9 months
  • Spain +4.98% - best week in 16 months

Sounds right?! Efficient markets, indeed...

 

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Fri, 01/10/2014 - 12:48 | 4319777 LawsofPhysics
LawsofPhysics's picture

Are those youth all suddenly employed, what the fuck did I miss?

Fri, 01/10/2014 - 14:09 | 4320217 SAT 800
SAT 800's picture

I knew there was something I was supposed to do last week, have to remember to buy lots of Spanish Stocks; what could go wrong?

Fri, 01/10/2014 - 12:50 | 4319783 shepherd
shepherd's picture

Greece has a primary budget surplus.

Not important enough to be mentioned here, I guess.

Fri, 01/10/2014 - 12:52 | 4319797 LawsofPhysics
LawsofPhysics's picture

"Greece has a primary budget surplus.' - based on what exactly? 

A sudden jump in employment, productivity or exports?


Fri, 01/10/2014 - 12:57 | 4319818 shepherd
shepherd's picture

No, it seems like they just get their house in order.

Fri, 01/10/2014 - 13:02 | 4319847 Sudden Debt
Sudden Debt's picture

Oh, their destroyed and evaporated economy started to generate taxes out of thin air?

Fri, 01/10/2014 - 13:06 | 4319868 shepherd
shepherd's picture

Listen, they fired a lot of state employees so they are safing a ton of money.

Fri, 01/10/2014 - 13:10 | 4319894 Dr. Engali
Dr. Engali's picture

Even if they did fire a bunch of people and saving a bunch of money (which they aren't) that would just strip more money out of the economy. The stocks are ripping right now it the peripheries because there is a lot of hot money that needs to find a home.

Fri, 01/10/2014 - 13:08 | 4319884 disabledvet
disabledvet's picture

need 100 billion? NOT A PROBLEM! WE'RE AMERICANS! http://www.youtube.com/watch?v=QIliB436370 WE'RE RICH!

Fri, 01/10/2014 - 13:03 | 4319855 JailBank
JailBank's picture

HAHAHAHAHA.......HAHAHAHAHA

Surplus he says.

HAHAHAHAHAHA

Fri, 01/10/2014 - 16:14 | 4320722 debtor of last ...
debtor of last resort's picture

When you cannot even import toilet paper because you have no money, you'll get a surplus indeed.

Fri, 01/10/2014 - 13:06 | 4319872 Dr. Engali
Dr. Engali's picture

You'll have to excuse him. He's a relatively new, and not particularly good troll.

Fri, 01/10/2014 - 12:58 | 4319826 i_call_you_my_base
i_call_you_my_base's picture

That's really great. At the rate of their surplus they'll be able to pay off their debt in about 150 years.

Fri, 01/10/2014 - 13:02 | 4319835 Dr. Engali
Fri, 01/10/2014 - 13:06 | 4319869 Sudden Debt
Sudden Debt's picture

no, but now I'm convinced that there are actually people who believe that crap.

and the sad part....

there are.. ZH readers... who believe it...

Fri, 01/10/2014 - 13:15 | 4319921 shepherd
shepherd's picture

 

 Kirkegaard thinks Greece's surplus is nonetheless a "sign that the fiscal stabilization in Greece has almost been reached. In that sense this is good news for Athens"

 

Well,  that's from your own article.

Fri, 01/10/2014 - 13:23 | 4319964 Dr. Engali
Dr. Engali's picture

Nice how you skipped the rest of the paragraph. But I wouldn't expect any less from a troll who fails to miss the point....Greece has lied about their budget every year since the beginning of the crisis and they are lying again.

Fri, 01/10/2014 - 13:29 | 4319999 shepherd
shepherd's picture

I didn't skip anything, you liar.

I also did not miss your "point" that Greece has lied before. However that point becomes moot when they really fire state employees and follow through on their promises to the troika.

Fri, 01/10/2014 - 14:15 | 4320249 SAT 800
SAT 800's picture

Thanks, your link to the budget surplus article clarifies the issue. I was surprised to hear they had a surplus, but I see it's quite understandable. "The don't include the costs of financing their debt". Oh, well, then; obviously everything is just fine.

Fri, 01/10/2014 - 14:19 | 4320260 SAT 800
SAT 800's picture

If you understood that; why did you mention it. A budget surplus that doesn't include the interest payments on their debt load? you can't be that stupid.

Fri, 01/10/2014 - 12:51 | 4319794 AccreditedEYE
AccreditedEYE's picture

Paper chasing paper and we call this: recovery, economic growth, proof that policy is working, reasons why we should listen to Soros, blah, blah. There isn't enough concern about paper gains without public gains. This is how we kill "money". And people wonder why bitcoin is so popular.

Fri, 01/10/2014 - 12:57 | 4319802 LawsofPhysics
LawsofPhysics's picture

Yes, the "cleanest dirty shirt" when it comes to transfering your wealth or exchanging goods and services.  Not good as apparently all other forms of money/fiat leave you subject to a major raping by useless paper-pushing middlemen.

sad.  Have wealth on a island nation?  be prepared to get "cyprused".

hedge accordingly.

Fri, 01/10/2014 - 13:11 | 4319902 disabledvet
disabledvet's picture

that's why they call it capitalism dude...

Fri, 01/10/2014 - 13:13 | 4319908 LawsofPhysics
LawsofPhysics's picture

then I happily await a mechanism for true price discovery, dude...

Fri, 01/10/2014 - 12:57 | 4319817 jubber
jubber's picture

your forgetting Italy as well

Fri, 01/10/2014 - 13:13 | 4319907 disabledvet
disabledvet's picture

they got beautiful women there too don't they...

Fri, 01/10/2014 - 13:01 | 4319843 starman
starman's picture

Military jobs for ancient oared battle ships! Attack!

Fri, 01/10/2014 - 13:02 | 4319852 papaswamp
papaswamp's picture

Venezuela and Zimbabwe here we come! Rally on all is well!!!!!

Fri, 01/10/2014 - 13:28 | 4319990 Ranger_Will
Ranger_Will's picture

Da Fuq? Did I miss something or are all of those nations not currently suffering from the greatest economic calamity to befall them in 100 years?  But then again there is the US and look how our stocks are running.  Funny old world isn't it?

Fri, 01/10/2014 - 13:47 | 4320093 q99x2
q99x2's picture

Greece's income earners work in Germany.

Fri, 01/10/2014 - 16:32 | 4320773 starman
starman's picture

holly fuck is the $$$$$ flowing into EU bonds and stocks and out of US?!

Fri, 01/10/2014 - 19:14 | 4321181 Aroukatos
Aroukatos's picture

The recent history of one of the bluest blue chips of Greece http://www.capital.gr/services/stockGraph.ashx?t=all&gp=capitalweb&heigh... Is this a recovery?

Do NOT follow this link or you will be banned from the site!