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.
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
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
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.
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 bailout – Brussels
Blog / FT
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 on – alphaville
/ 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.
OTHER
J.P. Morgan: 6 near-term risks to the rally – PragCap
The euro and the “hope” trade – alphaville
/ 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.