TMM are buried with their day jobs today, so though we would love to write reams, it will have to be a very brief one.
If the EFSF wasn't enough to kick off the unwinding of the negative Europe trade then Mr T's comments did the rest. The path of XAU/EUR shows that it is a general Europe de-stressing trade more than anything else. We are debating how far the Euro goes and whether this is just a move for the market to go back to flat before we pause and reconsider the world or if this is the start of something much more positive.
Whilst we do, we will just leave you with our favourite clip to watch over and over again.
If the EFSF wasn't enough to kick off the unwinding of the negative Europe trade then Mr T's comments did the rest. The path of XAU/EUR shows that it is a general Europe de-stressing trade more than anything else. We are debating how far the Euro goes and whether this is just a move for the market to go back to flat before we pause and reconsider the world or if this is the start of something much more positive.
Whilst we do, we will just leave you with our favourite clip to watch over and over again.
2 comments
Click here for commentsMunis are an absolutely unmitigated disaster after Honest Governor Christie admitted NJ is almost BK.
ReplyAfter a few crises you can write the script.
First there is no problem.
Then it is "contained" to a few bad segments.
PIMCO quietly dumps all but the best paper.
After that the selling continues.
A bit of digging reveals widespread fraud.
The instruments collapse as panic selling ensues.
JOHN and JANE RETAIL sell at the bottom.
PIMCO and distressed hedgies come in and scoop em up.
They coin it as the instruments rise from 10c on the $.
A few years later JOHN E RETAIL buys them back at par.
Easy this fixed income stuff, isn't it?
Ha ha, cynical are we ...
ReplyBut isn't this just bullish galore then since it is setting up QE3?
Claus