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Europe Closes Red As London's Credit Reality Returns
We noted yesterday that the mice of the European equities markets have tended to run when the credit cats are away; and sure enough, London comes back from a long-weekend and risk appetite disappears. European stocks gave back most of their gains from yesterday (and more in some cases) as Sovereign, corporate, and financial credit opened far less exuberantly and drifted wider for most of the day (with some slight US-open-driven strength into the close). Financials modestly outperformed as Sovereigns did not - with Spain now 48bps wider than last week's best levels, Italy 39bps wider, and seemingly forgotten (yet a total disaster) Portugal +52bps. Swiss 2Y rates have tumbled back lower in the last few days to -35bps. The standout was the OMX (Stockholm) which fell 2.3%, its biggest fall in 4 months, as Swedish banks stumbled.
European stocks reverted back top credit's reality...
and hope is fading in European sovereigns...
Swiss 2Y rates are plunging fast again...
as Sweden drops the most in 4 months...(as it crossed back bvelow its 50DMA)
Charts: Bloomberg
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Draghi will save us. I just know he will.
True, but only after he saves his cronies and himself. Of course, that's assuming there's something 'left over' for the masses. No guarantees...unfortnately.
He ain't going to save shit.
Gold and Silver BitcheZ
I guess you didn't pick up on the extremely heavy sarcasm. I wasn't expecting that.
With a life boat made of plastic, thats full of holes, water pouring in from over the side and surrounded by sharks.
Good luck with that one!
They're going to ramp the shit out of the market today.
You can already see the non-stop support pumping. What time is the epic and neck-snapping ramp up? I say 1 pm EST.
You mean, ramp it moar....?
Oh, and
Fuck you Potter
bullish!!
How can this happen? Can't somebody do something?
Where were the parents?!?!???
Yes, and as soon as London closes the US indices start rising.
DavidC
It seems like the charts are saying the only way the Fed gets the cup and handle break out it wants in equities is to relent and allow gold to shoot up 300 to 500+ dollars and oz. in a matter of a few days, dragging all the other commodities up with it. Otherwise it's double top time with a target of sub 1100 bitchezz. Gold seems like it wants higher though. Dollar index sitting on rising trend line, if it breaks and heads back to 74ish gold will be 2200+ this time around. Everything is a tightly wound spring ready to explode right in these ranges.
I can't remember the exact figures but Bob Janjuah was referenced by ZH a few weeks ago saying around 1400 S&P by August/September and then short shrift to sub 1100. I can't find the link at the moment.
DavidC
Try this,
http://www.zerohedge.com/news/bob-janjuah-goes-risk-effective-immediatel...
Uh oh...someone ordered the red line instead of the green.. start looking for headlines of who just got fired..