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Thursday, June 7

7th Jun - US Open: Run - It's the Feds!

All eyes on Bernanke and then it will be end of the week. The plans to recap the Spanish banks and hopes for QE are still driving the markets, but I believe the short-term “good news” are now in prices, and expect good old-fashioned position-squaring ahead of the weekend. only one week to go for the Greek elections, bt the way. For the FED, see my recently updated ECB & FED Previews. My last night’s post was also nice.

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Daily US Opening – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – FT
EM New York headlines – FT
Overnight Summary – Bank of America / ZH
Today’s Front Pages – presseurop
Daily Press Summary – Open Europe
  Germany considering limited rescue plan for Spain; ABC: IMF estimates Spanish banks will need at least €40bn

Morning MarketBeat: Bernanke Faces High Expectations – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy – Macro and Cheese
US Open: Position Adjusting Continues, Before the BOE – Marc to Market

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney          
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

Europe: Get Ready for a Surprise Endgame!A Dash of Insight
Most people are watching for some big, comprehensive plan.  They will not see a solution until they have missed the whole move.  If you follow the items on this list, you can track progress in real time.

Europe Crisis: “Bad Romance” on a Global ScaleTIME
a turning point this summer as Europe finally decides whether it wants to break up or get married.

More on EU plans for a Spanish bank bailoutBrussels Blog / FT

Spain BlinksThe Telegraph
There will be a sovereign bail-out for Spain from the EFSF rescue fund. This is disguised (very slightly) by paying the money into Spain's state restructuring fund for banks FROB rather than the treasury, but that changes little.

Spanish auction: Nothing to see here, move onalphaville / FT
It might have been a risky time to auction bonds, but with the limited size (€2.07b) demand could have come purely from domestic sources.

J.P. Morgan: 6 near-term risks to the rallyPragCap

The euro and the “hope” tradealphaville / FT
Nordvig is probably right to worry that even a casual rumour could produce a burst of profit-taking by the shorts and a quick bounce despite no meaningful improvement in the situation.

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