Market Snapshot: Open Modestly Positive (For Now)

Tyler Durden's picture

S&P futures just opened mildly positive in line with the recovery in EURUSD from its Sunday afternoon lows (having broken below 1.335). As we post, Gold has opened very noisily but remains a little higher than Friday's close at around 1642. It seems the apparent no news from Dexia (which is clearly terrible news) is yet to be considered by reality but as we noted on Friday, the fact that Treasuries are closed suggests reactions may be a little unexpected with no immediate safe haven to flood to. JPY crosses are slightly higher sustaining the very small bid under ES for now as it tracks a small range around 1157-8. Very early runs in credit land show a small compression in Main and further senior-sub decompression in financials. Oil also opened up small but more reflective of the small drop in DXY than anything else for now.


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RobotTrader's picture

For all the knashing of teeth the last few days, looks like Dexia is a non-event.

Hey, at least gold is up, so most of the ZH bloggers should be high-fiving the ES futures ramp.

mynhair's picture

Robo got a first, bitchez!

SheepDog-One's picture

Robo still never been laid though.

Esso's picture

Most likely RoboTarder has never made a trade either.

SilverIsKing's picture

Speaking of Dexia, on July 7 & 8 this year, S&P and Moody's gave Dexia A1 and P1 ratings, respectively.

See page 11:

While not the top ratings available, just three months later...and they're gone!

Not that we didnt already know but these ratings agencies really do not know what they're doing...or do they???

knukles's picture




                 (maniacial laughter)

Randall Cabot's picture

He hasn't figured out how to get a chick into his mom's basement yet.

RoRoTrader's picture

The banks are going to print, print and print.......Mervyn King summed it up, "What a mess we have created - sacrifice the pensioners and savers. Print."

This 2010 r squared.

wombats's picture

Who cares about ES futures.

Tell me about Pitchfork futures and Torch futures.

Id fight Gandhi's picture

You can always set your watch to the typical low vol, Sunday night futures melt up. Fraud and manipulation at it's finest.

Market Efficiency Romantic's picture

treauries closed, EU repos not reacting before 7 hours from now, why should there be a gap down in Asia? Dexia is not Lehman re direct effects. The problem has not occured during the weekend but last Tue, decisive EU policy action has lost its credibility before the announcements of crucial meetings this weekend and the structural consequences of Dexia such as credit rating impacts yet unassessable, you will have to wait at least until some time during the day tomorrow for things to unravel.

mynhair's picture

Nobody cares anymore about Europe.

SheepDog-One's picture

I never did care about Europe. I cant think of a single thing I NEED from Europe at all.

Alvaro de Esteban's picture

Errr, if you drive ANY car, travel by train, or even sail a boat, maybe you need something from Robert Bosch, 

knukles's picture

Yeah, well England has Lucas. (cancel each other out)

SheepDog-One's picture

Who gives a shit?

Like no one else can possibly make it as well?

knukles's picture

Betcha Chineee good makie.

SheepDog-One's picture

China can copy anything, theyve got Blackberries and IPhones knocked of cheep cheep....they sure as hell can make a spark plug or a motorized hand tool.....fuckin shame is WE no longer can!

CrashisOptimistic's picture

Brent comes from Europe.  It fed you today.

And to see how the game is being played, scope this list of the world's oil prices:

Tapis  $116.63

Brent $106.15

Alaska $107.63

Louisiana Sweet $109.48

WTI $82.98

African Bonny $108.29

Euro Forties $106.53

Asian MINAS $115.46

Arabian Gulf $100.98

Urals $104.49


Anyone want to find the bullshit generated outlier?  This is why you're paying 30+% more for gasoline than last year.  


SheepDog-One's picture

Fuck Brent. I went fishing today and ate those.

Zeilschip's picture

You're not being efficient, at least that's what Michael Porter says.

X.inf.capt's picture

maybe, hair...

im curious of whats going to happen when hong kong opens...

my guess is gold is going to take off like a rocket...

Long-John-Silver's picture

Gold up $3 and Silver up .20 on open.

X.inf.capt's picture

someones dumping treasuries, 2 yr and up

10 yr yield up 9 

uh oh

mynhair's picture

I'm convinced this pig world market reflects the least common denominator, and, given our Fearless Leader, he is the least.

max2205's picture

Meltup continues to 200 ema

Long-John-Silver's picture

All the other people on the rope line are busy trying to cut themselves free as their being dragged toward the cliff edge.

ffart's picture

I don't know what purpose the DXY is supposed to serve when the majority of imports come from China these days, and not europe.

SheepDog-One's picture

Futures arent reflecting reality? No WAY!

Besides futures are now completely irrelevant, look at Fridays maniacal market actions, 100 point swings in minutes.

Racer's picture

US seems to be cheering but Germany/UK futures not that happy!

buzzsaw99's picture

1492 columbus sailed the ocean blue bitchez.

BORT's picture

And carried an old world disease to the new. 

buzzsaw99's picture

the new world may have gotten the shit end of the biological warfare stick but keep in mind that correlation doesn't always imply causation.


edit: or perhaps you weren't referring to viral and bacterial diseases at all? either way tomorrow is columbus day so suck it bitchez.

John Law Lives's picture

In case you haven't read it, you might enjoy 'Guns, Germs, and Steel: The Fates of Human Societies' by Jared Diamond (1997).

Good book!

-Michelle-'s picture

They carried New World diseases back, too.  Syphilis.  It wasn't as slow-acting as it is now.  Back then, you got covered head to toe in pustules and you died within months.  Cuts both ways...

John Law Lives's picture

In case you haven't read it, you might enjoy 'Guns, Germs, and Steel: The Fates of Human Societies' by Jared Diamond (1997).

Good book!


buzzsaw99's picture

I sometimes forget that many cultures rue the day "dirty europeans" rocked their world. I wasn't trying to be insensitive. Don't worry indigenous peeps, many populations are now outbreeding the white menace, and then it will be party time.

chump666's picture

Europe is a zombie.  Watching Asia, if indexes start to go neg....

Mike2756's picture

Aussie gapped down and filled the gap, and reversed lower.

chump666's picture

if the ASX200 overshoots it's sell off (following S&P500 sell off) should drag the AUD down.

The market looks confused and nervous. China (fudgy) data due next few hrs, watching money supply.  also wanna see if the commie stat people freak out the market and reveal a really low CPI.  We hope.