Submitted by Tyler Durden on 05/14/2012 - 16:04 Ben Bernanke CDS ETC European Central Bank Reality
It happened again. Just like the last five days in a row - post-Europe close euphoria gives way to oops-Europe-will-open-tomorrow-reality dysphoria. The S&P 500 e-mini futures (ES) closed below their 50DMA for the first since November today as it has dropped 7 of the last 9 days. Financials were a disaster (-2%) as the reality of a levered bet on the Bernanke Put and economic growth are unwound on a total and utter lack of trust and as we noted BofA is starting to converge back with its peers (and broadly financial stocks with their CDS). With JPM back below $36 and its 200DMA and AAPL testing its pre-earnings lows, markets are hotting up and Treasuries were bid all the way to the close with the long-end down 6-7bps today alone (10Y with a 1.77% handle).
http://www.zerohedge.com/news/deja-deja-deja-etc-sp-500-closes-below-50dma-first-time-november
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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