- EURUSD (1.2358) + 0.02%
- Gold Futures (GC) passing up 1600 ($1617.20) + 0.06%
- Oil Futures(CL) – 0.12%
- S&P Futures (ES) – 0.07%
- CAC40 + 0.07%
- FTSE + 0.19%
- Asia: (NKD) + 0.66%
- Corn Futures (ZC) – 0.19%
- VIX Yesterday’s Close 14.29
- EURUSD – 0.23% (1.2089)
- Gold Futures (GC) – 0.34%
- Asia (NKD) – 0.12%
- Europe: CAC40 – 0.18% FTSE – 0.10%
- Grains are weak and down between 1-2%
- Oil (CL) – 0.25%
- S&P Futures (ES) – 0.26%
Once again Spain and the Euro are dominating market sentiment, atleast that’s how the press is relating it and the French Press isn’t holding back; “L’ESPAGNE FAIT CHUTER LES BOURSES ET L’EURO” nor is Zerohedge; Spain On The Ugly Side of 7.5%. ZH gives a good perspective on IBIX which is down 5%. That would be the equivalent of the Dow Jones tumbling 600 points. It should be an interesting day.
The EURUSD at nearly 3 year lows has disturbed the Eurozone politicians vacation, who after a sunny weekend poolside/wineside/ouzoside/sangriaside, are now outfitting their seconds as keystone cops, for the start of the week.
Every effort will be made to stay pool/wine/ouzo/sangria side.
- EURUSD – 0.26%
- Gold Futures (GC) – 0.77%
- S&P Futures (ES) – 1.03%
- CAC40 – 1.94% FTSE – 1.74%
- Nikkei – 1.62%
- Grain Futures down across the board (a first for a while)
- Oil Futures (CL) -2.89%
The CBOE Put/Call Ratios from Friday are updated (here).
Grant Williams is out with another TTMYGH, this time sticking a fork in our political elites and their inept management of the economy. A must read, here’s the link for his free newsletter.
Good Morning NY.
- EURUSD has pulled back under 1.20 again -0.59%
- Gold Futures are down (GC) -o.77%
- Grain Futures continue to explode higher (+2.2 – 3.75%)
- Europe: CAC40 -0.41% and FTSE +0.05%
- S&P Futures are lower (ES) -0.33%
- Oil Futures are lower (CL) -0.65%
- Eurozone June CPI -0.1% on Mo; +2.4% on Yr
On tap this morning: Citigroup Earnings, Retail Sales, Empire Manufacturing and Business Inventories.
*Update: Citigroup Earnings: 2Q Profit falls 12% but beats estimates, Pandit reports strong growth in loans and deposits.
** Retail Sales fall for 3rd straight month -0.4%
TTMYGH was great this week.
This will be a crazy day, it already has been.
The first sign of wierdness are the CBOE Put/Call Ratios, here. The CBOE Index Put/Call Ratio has only been this low one other time since Jan 2011 and that happened on June 11th, 2012.
- The EURUSD is now under 1.22 (-0.41%)
- Asian markets are down with NKD –2.03% and HSI down -1.88%
- Europe is down with the CAC40 -0.70% and FTSE down -.70% and the DAX -0.80%
- Gold is off -0.80%
- Oil is off -1.41%
- S&P is off -0.75%
There’s almost nothing going on.
- The EURUSD is flat
- S&P Futures up a bit 0+.27%
- European Markets are flat
- Gold Futures are flat but holding yesterday’s gains.
Waiting, waiting. If you want a distraction, look here.
After falling short with her “fiscal compact” on budget discipline, German Chancellor Angela Merkel is pressing for much more ambitious measures, including a central authority to manage euro area finances, and major new powers for the European Commission, European Parliament and European Court of Justice.
She is also seeking a coordinated European approach to reforming labor markets, social security systems and tax policies, German officials say.
Until states agree to these steps and the unprecedented loss of sovereignty they involve, the officials say Berlin will refuse to consider other initiatives like joint euro zone bonds or a “banking union” with cross-border deposit guarantees – steps Berlin says could only come in a second wave.
The goal is for EU leaders to agree to develop a road map to “fiscal union” at a June 28-29 EU summit, where top European officials including European Council President Herman Van Rompuy will present a set of initial proposals.
Notice the all important, date. Dates are a key element for political confidence building spin management. June 28-29 will bring with it another summit, and another opportunity to lead a horse to water. My question is: will the markets fall for it? And for how long?