This Morning: “The European markets are dipping this morning, not exactly plunging like yesterday CAC40 (-1.4%), FTSE (-0.5%), DAX (-0.4%), not yet in any case. The banks continue to fall with BNP down over 7% on rumors that they can’t borrow dollars.”
Now: The European markets and the CAC40 (+1.13%) in particular have closed in the green. All that fuss about BNP went away with one press release.
This Morning: “Might the VIX tag 45 today?”
Now: Very unlikely!
This Morning: “The EURUSD is still holding up at around 1.36 and this article: “How to trade the Euro When You Have No Idea What Happens Next” sums things up well.”
Now: Holding true but showing strength to nearly 1.37
This Morning: “Gold futures, GC_F are relatively flat (-0.05%) though the E-mini S&P futures, ES_F are weak (-1.0%).”
Now: E-mini S&P futures, ES_F have pulled into positive territory but are still weak. I have 1163 and 1150 as a range.
Politicians are scrambling to appear coherent (which by their nature, is impossible):
- Obama has stepped in with his 2 cents in “Quand Obama donne des leçons à la zone euro“. Europeans hide hypocracy better…
- Or as americans prefer to report it: “Merkel warns on Greece, Obama voices U.S. alarm“
- Merkel is scolding her partners for careless media management.
Rumors continue to drive the markets:
- China obviously, is buying Italian debt: “Italy turns to China for help in debt crisis” (like we saw with Greece and Ireland…) This is a serious waste of time! Ignore, ignore, ignore.
- BNP’s favorite WSJ editorial “The Trouble With French Banks” . More crap.
- And the official denial from a BNP Press Release.
None of this is helping me.. Sticking with my 112-118 range plays for the SPY.
Good Trading 🙂