Submitted by Tyler Durden on 09/27/2012 16:23 -0400
Apple
Exchange Traded Fund
fixed
Futures market
The world and their mum will be overjoyed all is fixed again in Spain and Apple can be bought safely as today's ramp-a-palooza in risk-assets indicates. However, the 100-pip run in EURUSD which 'correlated-ly' ramped everything did more damage than good in the long-run as Oil prices surged off their 'see QEternity inflation is only transitory' way. WTI topped $92 (up over 3% off yesterday's lows) as Gold and Silver surged on the day to end up around 0.25% on the week (in the face of a 0.25% strengthening in the USD on the week). JPY strength and moreover EUR's push dragged the USD 0.5% lower from yesterday's peak and provided just the lift to get the S&P back to Monday's lows, filled a gap in AAPL's chart and lifted the financials ETF briefly back up to unch from pre-FOMC. Volume and trade size was large as we ramped and drofted once we topped - which smells a lot like pros seling into a stop-run-driven strength. Equities pulled back into the close (even as VIX limped back under 15% down almost 2 vols today) catching down to risk-asset's slightly less ebullient perspective.
charts,,,,,,,,,,,,,,,,,
Risk-assets (proxied by our CONTEXT indicator below) rallied up to equities in the European session - were very highly correlated for most of the morning until after the EU Close and Spain started talking - then trod water while stocks popped and dropped...
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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