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While absolute yields are back over 7% for 10Y Spain (and over 6% for Italy), the spread has retraced over 60% of the gains post 'believe' speech.
Off topic, but just got a morning email from Morningstar rating Knight a 5 star stock - you can't make this stuff up!
Why not? They did. :)
Hopium is now being cut with baking soda!
I don't think Spain believes.
"In case of doubts, read our previous anoucement from our previous meeting, it's all there!"
"By the way, the eekonomiks is very zlow."
"But € is irreverzibl!"
"You no short € bad boy!"
"Because ECB may do action."
"I like my statements."
So the effect on peripheral bonds and the Euro has evaporated, but the effect on the Nasdaq and American bubble / consumer stocks endures. Makes a ton of sense. No question where the heart of the denial and delusion is in our world, and it isn't in Europe.
They appear to be creating "events" to sell the ramp.
S&P is only 1% above it's hopium trend support. What drivel will the send our way to get it to bounce this time?
Shut up ? http://www.youtube.com/watch?v=6_t8zoTBID0
Yet the S&P has retraced only a fraction of the gain.
Jackson Hole is going to be the next big thing as far as speeches are concerned.
I can hear it now:
"blah, blah, blah, 'FED stands ready' blah, blabber, blah 'intervention' blah 'measures' 'easing', blah, '2015', 'MBS's'..."
Empty words and hollow promises of more debt to create another bubble to solve the extant debt bubble crisis.
I can't believe it takes a PhD to engineer failure, but apparently...
They are using the wrong tools to fix the wrong things...I can't think of a worse case scenario...oh wait, like solving a debt crisis with more debt!!!
That damn reality thing intervening again.
Factory orders -.5% on expectations of .6% increase, add 20 points to the SPX.
This is what you call perpetual prosperity.
Time to outlaw selling of any kind.
it's coming soon enough.
Why, the NASDAQ is up and the others are close behind. Comical really.
Doc, where have you been hiding????
The Bears have the opportunity of the year to severely punish Ben and Mario for all the excessive jawboning. I wish they would shut the fuck up.
The bears are driving Shermans while the central banks are all driving algo Panzers.
As much as you want to fight, your trades will just bounce off the predetermined algo settings.
What exactly does Draghi mean - DRAGHI SAYS HIGH YIELDS ARE UNACCEPTABLE
Cos the yields aint listening to him either
Hitler said the same thing about the Russkies being in the Berlin suburbs.
THis is the most fictional market action of the year in my opinion. Especially after the factory orders.
Bulls are high on denial. With every no-show from bears it just gets them higher.
I think you are spot on. The bears are not showing up to the dance.
Bears can hibernate for quite a while. Wonder what will be on the menu when they finally awaken? The spice must flow and that which cannot be sustained, won't be. Same as it ever was.
No carbon based attendees are at the dance. Almost all bears are carbon based.
I wonder how much Draghi made for his boys on that head fake? If they know the world is a giant toilet bowl with a stuck handle why not whip the markets around and make as much money as you can before the drain flushes open ?
He probably figures he must money-up his kin because his name will be mud in 6 months.
What a shocker. So GS recommends buying Italian and Spanish debt, words from an Ex-GS now ECB President, cause yields in those to collapse, and a week later suddenly GS profits are up, while all those clients lose money.
Its all bullish as usual right? <end sarc>
The PPT has showed up this morning!
Yup, Spain is back over the edge of the cliff.
Kellogg sees FY gross margin drop over 100 bps and they are up 4%
ANF seeps profit below forecast
Factory orders miss with a -.5 print on expectations of +.6
Just means we should hit new highs on the market today! Control is a wonderful thing.
Here's the latest dose of hopium--it may explain why the Dow hasn't fallen much:
And US Treasury 10 year sovereign yields fell below 1.5% again.
Oil already made back over $1 of its drop. Probably will close higher once again. The algos have been set to $90 and nothing will stop them from hitting the target.
If your mind is fully convinced this market is a farce designed to steal thru manipulation and lies, then you simply will not buy into this crap. You will also know there will be no fixing things until a true free market is instituted and until then there will be no good thing from tptb. This hope-on hope-off wont't snare you and there will be no surprises. Only surprise is how many people still 'believe'. When one isn't grounded in truth, then one will fall for anything.
Vix is still down. Most voliitlity we've seen in months.
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