It all makes so much sense... risk markets everywhere have gone vertical. As we noted earlier, "with the US trading session today at half mast, expect another record low volume half-trading day, which means a risk levitation is practically guaranteed." QED. And yet something appears broken - just look at these cross-asset class charts... oh and of course EURUSD surges to 1.2952 as the Eurogroup Summit has been confirmed as 'called off'. Is repatriation risk-off flow driving the correlated ignorance of algo-based risk-on? 300 pips in 10 days. S&P 500 back above 1400. Gold pushing $1750. This move seems to be entirely driven by technical stop-runs everywhere as EURUSD blows through its 50DMA, S&P 500 Futures cross above the 100DMA, and Gold blows through the 50DMA. Efficient markets forever...
EURUSD stupidity - or all reptariation all the time...
Commodities mad...
and S&P 500 futures have auctioned up to post-election open and Draghi levels...
The move appears extremely synthetic - i.e. top-down - with big individual names largely unmoved by today's action.
http://www.zerohedge.com/news/2012-11-23/markets-gone-wild
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
After all it is Black Friday . Everything is fine. SPEND SPEND SPEND.........
chezzzzzzzzzzzzzzzz Nothing phases the machine and the meltups.....
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.
| 