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EURUSD Retraces Entire 'Bailout' In 3 Days

Tyler Durden's picture




 

Joining US TSYs, BTPs, and SPGs, the EUR has now retraced the entire post-summit rally in a mere 3 days, and is down 300 pips today alone. It also seems the actions in Greece are starting to get reactions in US financials and broad risk assets. We also note that EURJPY has retraced over 75% of the intervention in 18 hours...perhaps Azumi will let the market be now?

 

Chart: Bloomberg

 

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Mon, 10/31/2011 - 15:32 | 1829469 HelluvaEngineer
HelluvaEngineer's picture

bearish harami, bitchez

Mon, 10/31/2011 - 15:39 | 1829510 slaughterer
slaughterer's picture

S&P is downgrading France after the market closes today. 

Mon, 10/31/2011 - 15:41 | 1829518 Irish66
Irish66's picture

Is that bullshit...or the truth

Mon, 10/31/2011 - 15:42 | 1829529 trampstamp
trampstamp's picture

Let's hope so. I thought Friday so we'll see

Mon, 10/31/2011 - 15:50 | 1829549 CClarity
CClarity's picture

Long end Treasuries are signaling a problem.  30 bp move in 30yr since Thursday when hit 3.44.  The pretend part is falling out of the pretend and extend equation.

Mon, 10/31/2011 - 15:53 | 1829557 TruthInSunshine
TruthInSunshine's picture

Off Topic (and reposted from last thread - b/c it's that good/bad) and if you like The Bernank and despise Ron Paul (yes, you would meet the DSM criteria for sociopath, if so), look away:

 

10-31 14:59: The Fed failed to fully document authority to rescue AIG (AIG)

 

But hey - it's all good; Goldman, JPM, Barclays, HSBC, Buffet/Munger, and many, many others with CDS winning bets against the derivative department of that world renowned insurance giant, AIG, all GOTS PAID IN FULL, courtesy of the U.S. Taxpayer (i.e. forced, involuntary bloodletting to the tune of 202 billion - just for AIG - and counting).

The Federal Reserve Bank, under the tutelage of The Bernank, William 'iPad2 is delicious' Dudley, and Brian 'Charity Unto JPM & Goldman' Sack (not to mention current Treasurer of the U.S. and former head of the NY Branch of the Federal Reserve) - corruption like we've never seen before, bitchez.

Mon, 10/31/2011 - 15:53 | 1829560 dwdollar
dwdollar's picture

Sigh... back to the "can't let the DOW slip below 12k" game. This shit gets old.

Mon, 10/31/2011 - 15:55 | 1829567 TruthInSunshine
TruthInSunshine's picture

From the department of LULZ:

 

10-31 15:35: US Treasury says increase in Oct-Dec borrowing due to lower receipts

 

Green sharts!

Mon, 10/31/2011 - 15:51 | 1829550 homersimpson
homersimpson's picture

It's nice to be on the good side of a FAZ bet for once.

Mon, 10/31/2011 - 16:01 | 1829594 Stax Edwards
Stax Edwards's picture

Considering getting short FINS here also...haven't pulled the trigger

From the broken markets dept:

100% of S&P FINS trading above 50 DMA

http://www.bespokeinvest.com/thinkbig/2011/10/27/crazy-market.html

Mon, 10/31/2011 - 16:01 | 1829593 HelluvaEngineer
HelluvaEngineer's picture

FAIL: DOW 11968

Mon, 10/31/2011 - 15:33 | 1829470 SeverinSlade
SeverinSlade's picture

Listen to Cramer and buy this fucking dip.  Hedge funds have to get into this market right...RIGHT?!?!

Mon, 10/31/2011 - 15:38 | 1829489 Cdad
Cdad's picture

Oh yeah, baby...it's a lock.  Never mind the capital pouring into overpriced treasuries promising returns of nothing.  Pay no attention to the man behind the curtain.

You gotta buy peak earnings, baby!

**BlowHorn:  "The weather is getting cold...people have to buy coats."  Just in case you were wondering about the inevitability of forward joy joy in pixie dust earnings land...there you have it.**

Mon, 10/31/2011 - 15:39 | 1829513 HelluvaEngineer
HelluvaEngineer's picture

I was just gonna layer all these damn yoga pants I bought.

Mon, 10/31/2011 - 15:42 | 1829527 Cdad
Cdad's picture

Man...that's tough.  Lots of layers to pull that one off...but you look HOT HOT HOT!

Mon, 10/31/2011 - 15:42 | 1829528 SheepDog-One
SheepDog-One's picture

MINK coats at that, no doubt!

Mon, 10/31/2011 - 19:13 | 1830045 Ronaldo
Ronaldo's picture

Sure, there is a Bull Market somewhere. In this case it might be in Spain where they will butcher them bitchez for dinner!!!!!!!!!!!!  Beef Anyone?

Mon, 10/31/2011 - 15:33 | 1829471 Irish66
Irish66's picture

EUO

Mon, 10/31/2011 - 15:39 | 1829514 NOTW777
NOTW777's picture

nice

 

1.3938ish possible neckline gone and oct 4 trend broken

Mon, 10/31/2011 - 15:34 | 1829474 The Axe
The Axe's picture

That is so crazy shit....Where the fuck is ROBOT  I got so US. Steel to sell him...lol

Mon, 10/31/2011 - 15:34 | 1829476 Timmay
Timmay's picture

This bores me...

Mon, 10/31/2011 - 15:34 | 1829477 Black Forest
Black Forest's picture

EURCHF knocking on heaven's door 1.20 soon

Mon, 10/31/2011 - 15:34 | 1829478 junkyardjack
junkyardjack's picture

What this market needs is another rumor.  Can Thailand bail out the Euro?

Mon, 10/31/2011 - 15:35 | 1829481 SeverinSlade
SeverinSlade's picture

I heard FT say that the 5th dimension called Merkozy and said they have plenty of cash.

Mon, 10/31/2011 - 16:00 | 1829584 LeBalance
LeBalance's picture

that's credible!  I can see the funding source as well.

"When the moon is in the seventh house,

And Jupiter aligns with Mars...." << (this is the 5th D you were taking about, right?)

makes much more sense where the backing value is than....

"We have a plan to make a plan about a plan."

!!! We are saved !!!

Mon, 10/31/2011 - 19:25 | 1830076 DeadFred
DeadFred's picture

BoJ spent 10 trillion yen last night but ran out of gas and couldn't keep the peg

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=d08a0bf2-4fa3-49a2-a71c-7887a227f31b

I wonder if the excess $$$ went into the spikes in other currencies like the GBP.

Mon, 10/31/2011 - 15:35 | 1829479 lotusblue
lotusblue's picture

Look out below

Mon, 10/31/2011 - 15:36 | 1829483 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

... But i thought there were still too many on the EUD/USD short side of the boat that needed to be squeezed some more?

Mon, 10/31/2011 - 15:41 | 1829520 Jim in MN
Jim in MN's picture

"Don't squeeze the Charmin once it's got shit all over it"

Mon, 10/31/2011 - 15:42 | 1829524 EL INDIO
EL INDIO's picture

Here are some possible raisons for this:

1. The cot report did not include the big up day;

2. There are shorts which were established at higher levels;

3. Shorts at low levels could have been covered then re-established at higher levels;

 

Conclusion: COT reports not very usefull.

Mon, 10/31/2011 - 16:03 | 1829606 LeBalance
LeBalance's picture

Shoot for the heart, Indio!  Always the heart.  Aim for the heart.

I salute you, brave warrior, for attempting to find causality in some corner of the asylum.

Mon, 10/31/2011 - 17:58 | 1829864 EL INDIO
EL INDIO's picture

I salute you too LeBalance.

Although in the movie where Clint tells me to aim for the heart I'm Ramon not Indio. I also kill lots of Mexicans and Americans to take their Gold.

 

Mon, 10/31/2011 - 22:48 | 1830641 smiler03
smiler03's picture

Get a room

Mon, 10/31/2011 - 15:43 | 1829531 SheepDog-One
SheepDog-One's picture

Looks like the shorts called the bluff, and win.

Mon, 10/31/2011 - 15:36 | 1829486 Matt1973
Matt1973's picture

Just as all the talking heads said to buy

Mon, 10/31/2011 - 15:37 | 1829490 Sudden Debt
Sudden Debt's picture

Let's hope that as many lemmings as possible start to realize they'd better start buying PM's like crazy in Europe because NO WAY this shit is going to out in a favorable manner.

 

Mon, 10/31/2011 - 15:37 | 1829491 apberusdisvet
apberusdisvet's picture

 

Gravity is such a bitch.

Mon, 10/31/2011 - 16:02 | 1829574 EL INDIO
EL INDIO's picture

 

The Euro is like a ski jumper after he's left the ramp

Mon, 10/31/2011 - 22:50 | 1830648 smiler03
smiler03's picture

With a parachute on one ski and a jet on the other

Mon, 10/31/2011 - 15:37 | 1829493 EL INDIO
EL INDIO's picture

Gravity is working and I’m betting on it. Everything is heavy at the moment except US bonds and the USD. Without the QE rocket booster fuel, assets are coming down and the next QE launch is not coming without some really terrible economy and a USD index much higher than what it is.

That’s their way of sterilising the money they print and reducing the dept. It gets destroyed in deflationary bankruptcies and defaults then they print some more until inflation is intolerable again then they let deflation come back for a while and so on. It’s a good plan for them if you think about it: you don’t get hyperinflation but you also don’t get a severe deflation and the status quo is persevered forever (or so they which).

Mon, 10/31/2011 - 16:48 | 1829745 plantigrade
plantigrade's picture

selective pression

Mon, 10/31/2011 - 15:37 | 1829496 rosex229
rosex229's picture

is it time to load up on tza, dpk, faz, and tvix, or shall we wait until 48 hours after the nov 4th g20 meeting. i'm still truly awe struck by the size of this rally even if it is unraveling. i'm personally quite close to unloading my gold and silver, physical of course, andf buying back in after the coming crash. gold and silver will fall, but its to the moon once the hyperinflation  sets in.

Mon, 10/31/2011 - 15:48 | 1829536 Yellowhoard
Yellowhoard's picture

Agreed.

But it will be "paper" gold and silver that will crash the most. Last crash, the spreads between spot and physical were the widest I've ever seen.

People that held physical weren't selling and people with paper were selling to meet margin calls.

Mon, 10/31/2011 - 16:45 | 1829743 DosZap
DosZap's picture

Yellowhoard

Last crash, the spreads between spot and physical were the widest I've ever seen.

 

Bingo, damn near where enough to make up for the PERCIVED loss, I can only imagine this time, the Phys mkt is REALLY short Silver now, and I am sure Gold is not near the levels it was avail in '08.

Mon, 10/31/2011 - 15:50 | 1829548 LongBalls
LongBalls's picture

YOUR CRAZY!!!! 

You are assuming that you will be able to get your hands on it when everyone is rushing in. The bond investors will soon come to terms with the fact that CDS's are steaming piles of dung. They will be making massive money moves shortly. Buy PM's, hang on to what you have, and be thankful you have them. Do not pay attention to the price. Trying to time this bomb is CRAZY!

Mon, 10/31/2011 - 16:09 | 1829629 afdestruction
afdestruction's picture

Agreed. Hold your physical, if you want to hedge your losses I'd say get a small play in the ultrapro/ultrashort gold and silver funds.

Mon, 10/31/2011 - 15:38 | 1829497 oklaboy
oklaboy's picture

do I hear 1.0??? any takers?

Mon, 10/31/2011 - 15:39 | 1829503 SeverinSlade
SeverinSlade's picture

More bad news.  While the Martians seem ready and willing to bail out Europe, FT is reporting that after conducting an interview with God, even God is unwilling to bail out Europe saying, "I thought I fucked up when I created the Platypus but this Euro situation has clusterfuck written all over it."

Mon, 10/31/2011 - 15:39 | 1829504 Piranhanoia
Piranhanoia's picture

soon as you posted this someone started throwing money at it.  It was just about to break the low.  

How does it feel being The market mover ZH?

Mon, 10/31/2011 - 15:49 | 1829539 DB Cooper
DB Cooper's picture

Not any more - 1.38314

Mon, 10/31/2011 - 15:39 | 1829508 Jim in MN
Jim in MN's picture

All together now, with feeling:

THE BANKS ARE IMPAIRED

THE BANKS ARE IMPAIRED

THE BANKS ARE IMPAIRED

Its gonna be OK, poor scared elite.  There, there.  A little lube might help, ask someone lower in the class structure if they can spare any.

But, interesting question here, I have always wondered what institutions are gonna be impaired that they really really don't want to talk about.  Could it be....health and life insurance companies? 

Mon, 10/31/2011 - 15:57 | 1829576 slewie the pi-rat
slewie the pi-rat's picture

certainly not car insurance companies, jim

rates have spiked and people are driving less, too! 

i'm looking at a screen and as i consider what the volatility must be, in treasuries, my head is boggling so fiercely that smoke is coming outa my nose!  wheeeee!

Mon, 10/31/2011 - 15:40 | 1829515 HedgeAccordingly
HedgeAccordingly's picture

Happy halloween - babes in outfits - http://hedge.ly/gFWVSm

Mon, 10/31/2011 - 15:40 | 1829517 unionbroker
unionbroker's picture

Chinese are protecting their biggest investment  u.s. treasuries , which  will do  very well with the difficuklties in Europe ? Do not liosten to the static .The worse the situation is in Europe the greater the demand and liquidity for u.s.

Mon, 10/31/2011 - 15:40 | 1829521 Piranhanoia
Piranhanoia's picture

that rally lasted all of 30 seconds.  It just broke the low for the day

Mon, 10/31/2011 - 15:42 | 1829525 FLUSA.com
FLUSA.com's picture

I introduce the most clairvoyant economist of our time

Katy Perry

Cause you're hot then you're cold
You're yes then you're no
You're in then you're out
You're up then you're down
You're wrong when it's right
It's black and it's white
We fight, we break up
We kiss, we make up

 

Mon, 10/31/2011 - 15:49 | 1829538 Quinvarius
Quinvarius's picture

So get ready for make up sex tomorrow.  The central bankers decide exchange rates.  This is not agreeable to them.  If you are not ready, they will just get you from behind.

Mon, 10/31/2011 - 15:50 | 1829547 Piranhanoia
Piranhanoia's picture

I didn't realize how deep she was.

Mon, 10/31/2011 - 15:53 | 1829559 JenkinsLane
JenkinsLane's picture

You put your [right leg] in,
You put your [right leg] out;
You put your [right leg] in,
And you shake it all about.
You do the hokey pokey,
And you turn yourself around.
That's what it's all about!

Mon, 10/31/2011 - 15:43 | 1829530 Flounder
Flounder's picture

Well, yeah...

"Greek Prime Minister George Papandreou said the government may need to nationalize some of the country’s banks as the state acquires stakes in them as part of their recapitalization."

http://www.businessweek.com/news/2011-10-31/papandreou-says-some-greek-b...

 

Mon, 10/31/2011 - 15:55 | 1829564 Piranhanoia
Piranhanoia's picture

There's Mr. Delusional.  He actually thinks he's going to walk. Their narcissim is going to cause the collapse to be that much greater every minute they wait.  (sorry, I used an ism)

Mon, 10/31/2011 - 15:47 | 1829533 carbonmutant
carbonmutant's picture

Greeks hostile as EU ‘task force’ starts work
Greek newspaper had printed photos of each task force member along with a front-page headline announcing:

“The Prison Guards Have Arrived.”

FT -http://t.co/eoO5UxXE

Mon, 10/31/2011 - 15:49 | 1829542 Flounder
Flounder's picture

Express yourself...

“This will provide a catharsis to our drama,” Venizelos said. “The referendum will give Greeks a chance to express themselves.”

http://www.businessweek.com/news/2011-10-31/venizelos-supports-papandreo...

 

Mon, 10/31/2011 - 15:49 | 1829543 Cone of Uncertainty
Cone of Uncertainty's picture

I have had it with these fake ass markets and the daily bullshit coming out of Europe.

Why the fuck did I choose this profession?

Anyone want to buy a used CFA Charter?

Mon, 10/31/2011 - 15:54 | 1829561 JenkinsLane
JenkinsLane's picture

Is it nicely laminated?

Mon, 10/31/2011 - 16:00 | 1829586 Falcon15
Falcon15's picture

No, but investors are getting shellacked. =)

Mon, 10/31/2011 - 16:12 | 1829640 JohnG
JohnG's picture

If it's in a nice diploma frame I'll give you $5 for the frame.

Mon, 10/31/2011 - 17:31 | 1829824 jonan
jonan's picture

hey at least you got something out of it, i'm still in school for a degree in finance, that is soon to be worthless...at least i can trade in some interest free stafford loans for physical...

Mon, 10/31/2011 - 15:51 | 1829551 undercover brother
undercover brother's picture

Euro going to .97    you heard it here first.

Mon, 10/31/2011 - 15:56 | 1829572 Piranhanoia
Piranhanoia's picture

Then Bernankacide will be forced to race them to 0.

Mon, 10/31/2011 - 16:05 | 1829610 undercover brother
undercover brother's picture

Interesting cunundrum.  One group is actively pursuing currency destruction, the other is having it thrust upon them.  Who wins?

Mon, 10/31/2011 - 16:14 | 1829645 Falcon15
Falcon15's picture

Those in pursuit have one advantage. They can make it happen at any time.

Mon, 10/31/2011 - 16:13 | 1829646 JohnG
JohnG's picture

Gold.

Mon, 10/31/2011 - 17:33 | 1829826 earleflorida
earleflorida's picture

,... a 'DIKE' last standing with a sword in one hand, a balance-scale -  clothed only in a 'Greek Blindfold' 

Mon, 10/31/2011 - 15:53 | 1829556 NDXTrader
NDXTrader's picture

Bots going absolutely insane trying to hold 12k on the Dow. Massive jumps up and down as they try to hold it for the nightly news this evening

Mon, 10/31/2011 - 15:55 | 1829563 dwdollar
dwdollar's picture

Yep... haven't we been through this shit before? What a nightmare...

Mon, 10/31/2011 - 15:58 | 1829577 firstdivision
firstdivision's picture

PPT is in full effect now.  Preventing this from hitting 1250 today :(

Mon, 10/31/2011 - 15:59 | 1829580 DavidJ
DavidJ's picture

Sh*t.  This is one scary Hollow's Eve!

Mon, 10/31/2011 - 16:04 | 1829581 Deadpool
Deadpool's picture

BAC -6.5%

JPM -4.63%

GS -4.89%

C -6.73%

MS -7.85%

DB -11.03%

Societe Gen -9.23%

UBS -8.53%

RBS -8.36%

Mitsubihi -6.8

there be blood.

Mon, 10/31/2011 - 16:15 | 1829648 JohnG
JohnG's picture

FAZ +10%

Mon, 10/31/2011 - 16:00 | 1829582 scatterbrains
scatterbrains's picture

SPG ? wrong! Mall properties are where the hot money is flowing with SPG at all time record highs... or did you mean the other SPG ?

Mon, 10/31/2011 - 16:00 | 1829589 smoked
smoked's picture
1.4051 1.4066

Price < than 3x1and 7x5... Sell :Easyride

Mon, 10/31/2011 - 16:01 | 1829592 RobotTrader
RobotTrader's picture

As I told you guys last week.

The slightest bit of "Risk Off" weakness brings.

A unadulterated, mad stampede right back into Uncle Gorilla paper, as the TLT is up a nearly 4%.

And you guys are worried about financing our huge deficits, failed auctions, etc.

Gimme a break!!!

Heh, just watch how fast interest rates plunge as we go back down to test the 200-day.

Animal Spirits are getting jacked up once again to search for more "bargains"....

 

Mon, 10/31/2011 - 16:11 | 1829637 lieutenantjohnchard
lieutenantjohnchard's picture

robottrader: "will work for food"

Mon, 10/31/2011 - 16:51 | 1829752 DosZap
DosZap's picture

RobotTrader

Their will be weeping and gnashing of teeth this time for sure Robo.

NEVER will the losses the market incurs THIS time, will ever be made back, ever.

A TON of folks are fixing to take the bath, that cost them their LIVES savings, w/no make up test.

2011 Crash, will be 1000x's different than '08.

Mon, 10/31/2011 - 17:05 | 1829782 GrinandBearit
GrinandBearit's picture

Robot Troller.  You don't trade.  Nothing from you but junk posts.  

Mon, 10/31/2011 - 18:37 | 1829934 IrritableBowels
IrritableBowels's picture

Clown.

Mon, 10/31/2011 - 16:03 | 1829603 surf0766
surf0766's picture

at 3:45 I could have sworn I just heard  a very loud oh shit .

Mon, 10/31/2011 - 16:09 | 1829622 srsly-wtf
srsly-wtf's picture

Blankfein sharted....

Mon, 10/31/2011 - 18:38 | 1829938 IrritableBowels
IrritableBowels's picture

Like clockwork.

Mon, 10/31/2011 - 16:06 | 1829618 Superslam
Superslam's picture

If you think that's funny, take a look at EUR/JPY. It's almost at Friday's close after the intervention not 24 hours ago. High comedy.  

Mon, 10/31/2011 - 16:08 | 1829619 srsly-wtf
srsly-wtf's picture

New Collector's item:   Dow 12000 hats....

Mon, 10/31/2011 - 16:10 | 1829633 prophet
prophet's picture

Short at 1280, Long at 960 has been working for more than ten years without the need to try to catch the last twenty percent of each move.

Sell on the way up, buy on the way down.

The sellers (of CDS, bonds, stocks) are the ones that make money on these financial instruments just like in the physical world in which sellers of goods and services make money. 

 

Mon, 10/31/2011 - 16:14 | 1829647 srsly-wtf
srsly-wtf's picture

Sellers of CDS's really have it made, since it appears they will never have to pay up!! Until it implodes....

Mon, 10/31/2011 - 18:39 | 1829943 IrritableBowels
IrritableBowels's picture

Do voluntary implosions pay out?

Mon, 10/31/2011 - 16:24 | 1829672 trampstamp
trampstamp's picture

Looks like i'm not alone. It is the way to go. I almost uncled when we hit 1500 a few years ago though. Dam I'll never forget that day I almost gave in. So glad I didn't.

Mon, 10/31/2011 - 16:17 | 1829651 merchantratereview
merchantratereview's picture

If the BOJ is so smart why don't they just buy the dips like the bots do, but with just a little more force.

Guess they would actually have to sit and trade 24/7. Too much work.

Mon, 10/31/2011 - 16:26 | 1829678 Bastiat009
Bastiat009's picture

Euro down and along goes gold.

I am not saying it's right or that it makes sense, I am just saying that it is happening .. over and over again.

Mon, 10/31/2011 - 16:42 | 1829738 The Count
The Count's picture

forget the markets...

 

guns & ammo baby... two things what will beat inflation 3 times at least

 

Mon, 10/31/2011 - 16:57 | 1829761 common_sense
common_sense's picture

bearish trap... SP at 1400 before november ends... in december it will be another story...

Mon, 10/31/2011 - 16:58 | 1829763 IrritableBowels
IrritableBowels's picture

Glad i had the balls to stay in TVIX over the weekend...

Mon, 10/31/2011 - 17:03 | 1829775 MFL8240
MFL8240's picture

The fraud continues.

Mon, 10/31/2011 - 17:03 | 1829777 Balmyone
Balmyone's picture

I wonder if the EUR will continue to collapse if Ben and Co decide on QE3.  The ECB will then counter with unlimited purchases of Italian government bonds.  The Fed will then expand QE3 to triple the amount the ECB spends on Italian government debt.  By this time, the Japanese will have accumulated $1trillion in extra USD as they try to demolish their own currency.

Fun, fun, fun.

http://gainesvillecoins.com

 

Mon, 10/31/2011 - 18:32 | 1829926 rhinotrader
rhinotrader's picture

As always I am flat, no panic today on the short side. I thought it was a tepid sell-off on light volume. Financials did pick up a little steam the last 10 min, MS down 17 cents and C down about 20 cents. I would love a big selloff but you know they are going to defend this mkt. Do you really think they spent 500MM to goose this mkt to have it come back on them?

Mon, 10/31/2011 - 19:19 | 1830059 msmith
msmith's picture

The EURUSD and the AUDUSD are displaying USD bottoms rather well.  This could very much likely be a significant turn in the markets.  http://bit.ly/ucGTXm

Mon, 10/31/2011 - 20:09 | 1830179 jmcadg
jmcadg's picture

Between the Euro, the Dollar and the Yuan, one has to die to keep the other two alive (a little) longer.

Bye by€€€€€€€€€€€€€€€€€€€€€€€€

Tue, 11/01/2011 - 03:09 | 1830986 chindit13
chindit13's picture

One more intervention and the yen bull ends.  Over the next few years I can make an argument for 200 yen/$.  Demographics, debt levels, savings rate declines, interest rate risk and staggeringly underfunded pensions all suggest that once sentiment turns, it goes turbo.

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