Baltic Dry

Getting caught in end of day divergence between recovering Bunds / UST and equities readying up a pre-close squeeze out.Note a rather muted, in line, Credit performance.

No real data anywhere tomorrow, so either the good spirits of recovery keep up their heads up – or not…

Bizarrely, and even after slapping my screens several times to make sure things were working, real opening levels in EGBs very quite simply FLAT. All flat! Haven’t seen that in ages!

Had to slap my screens again tonight, given the tons of “unchanged” data in EGBs. Have decorrelated from equities, as has the USD (closing about unchanged).

In absence of really negative news, outside the heavier macro / sentiment data, the lukewarm Italian auction and US data, markets remained on a slight tentative rebound.

Will need to await further details and overnight analysis of the Spanish budget. Lots of reforms...

Hmm, and in how much time can all that be passed - if at all???

Yes, it did feel kinda rainy already yesterday with “Purple Rain”.

Total Risk Off close today.

Bad Rain. Bad, Bad Rain...

Another fairly uninspiring day.

In absence of hard data, subject to rumours and sentiment, as well as sudden “squeezes” or “sell-offs”, albeit in very tight ranges.

Mood maybe less rainy then yesterday, but, call me a bear, it doesn’t feel very convincing out there.

Uninspiring day. Light ROff, but nothing major.

In absence of hard data, subject to rumours and sentiment. 

Rainy.

So after 2 hell of positive weeks with fairy dust sprinkled by the CBU (Central Banks United), things seem a little out of breath here.

Post-Central Bank intervention depression, so to speak, as the question on everyone’s mind is “What’s next?

Add to that soured geopolitics that stirred spirits in Asia, MENA and to some extend in regional Spain.

It’s not like anvils are flying low, nor shoes dropping.

No major news, but jittery here.

No fun.

Having had the last 2 weeks propped up by Ben and Jerry, oops, Mario, who delivered the f(l)avours that had been expected throughout the summer, markets will be in need for some concrete impulses to push further.

Spanish bond auction on Thu rather on the mighty side.

Mostly bored today, though...

What is it that makes Keynesians so insanely self destructive?  Is it their mindless blind faith in the power of government?  Their unfortunate ignorance of the mechanics of monetary stimulus?  Their pompous self-righteousness derived from years of intellectual idiocy?  Actually, I suspect all of these factors play a role.  Needless to say, many of them truly believe that the strategy of fiat injection is viable, even though years of application have proven absolutely fruitless.  Anyone with any sense would begin to question what kind of madness it takes to pursue or champion the mindset of the private Federal Reserve bank… Quantitative easing has shown itself to be impotent in the improvement of America’s economic situation.  Despite four years of free reign in central banking, employment remains dismal in the U.S., the housing market continues its freefall, and, our national debt swirls like a vortex at the heart of the Bermuda Triangle.  Despite this abject failure of Keynesian theory, the Federal Reserve is attempting once again to convince you, the happy-go-lucky American citizen, that somehow, this time around, everything will be “different”.

Given how many unconventional means have been deployed over the last weeks, I wouldn’t exclude some form of stimulus postpartum depression… With nothing in immediate sight, it’d better hold. Why does my heart feel so bad?

Whatever... Final sign off by Germany and an ESM start-up session for 08 Oct.

Yes, Sir, I Can Boogie.

Spanish aid “not urgent, given actual market levels”…

No Boogie?

Looks like a loop bad US news, good EUR; good EUR must be good news.

Love boat, everywhere. Final Risk On, or so. And up 1%

Today's ZH articles in audio summary! "It's like finance and comedy had sex. Unfortunately the child had to be put down." 8pm Everyday @ New York Time.