Today's latest ECB rumor shot down by ze Germans. This is probably a very good time to start shorting the Spanish bonds across the curve - not much room for improvement left anymore. In my previous post I outlined the technical ranges for some markets: in SPX a probable good buying level is around 1408.
Previously
on MoreLiver’s:
Roundups & Commentary
US Opening News And Market Re-Cap –
Ransquawk / ZH
Frontrunning
– ZH
The Lunch
Wrap – alphaville
/ FT
Emerging
N.Y. headlines – beyondbrics
/ FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Morning
MarketBeat: Are Dividend Stocks Losing Their Luster? – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Overnight
Summary – ZH
AM Dear
Dairy – Macro
and Cheese
The Churn
Burn Continues – Marc
to Market
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
EU leaders may soon have to choose between
keeping the euro and maintaining democracy, says Mats Persson.
Latest ECB rumor
Analysts
Respond To "Unsourced" Reports Of Open-Ended ECB Monetization – ZH
Bundesbank
Reiterates Objection As German FinMin Refutes Spiegel Report – ZH
ECB Crushes
Spiegel's "Absolutely Misleading" Monetization Report – ZH
Is the ECB
Really Ready to Put on the Spread Cap? – MarketBeat
/ WSJ
SocGen: there
is a good chance that the EU will seize the opportunity to impose deep and
meaningful reforms on Italy – something that at
the moment all the political parties inside Italy appear keen to avoid.
The use of the Eurosystem's monetary policy
instruments and operational framework since 2009 – ECB (pdf)
ASIA
China’s thermal electric power output
fell 4.5% yoy in July – ASA
China’s “special mention” loans
outstanding rose to RMB1.46 trillion – ASA
Shanghai
composite hits a new post-financial crisis low – ASA
There’s probably some conflicting motives among
policymakers because while we’ve seen that the central government stimulus talk
indicates a doubling down on the imbalanced growth strategy — growing through
capital investment rather than consumption — there’s also a big political
imperative to try to make property prices more affordable.
STOCK MARKETS
Getting bullish, but first wait for a pullback – Humble
Student
Revisiting Stocks For The Long Run – The
Big Picture
We have called this generation’s outperformance
of bonds over stocks the biggest investment theme everyone has gotten wrong.
Over the years, when we note this, many say this is the most bullish argument
they have ever heard for stocks, as this trend has to reverse. However, as the
tables above highlight, this argument has been made for years and been wrong
for years.
Equity Review: Will the end of summer stir the
market? – Saxo
Bank
The performance discrepancy between US and
European stocks seems to be rapidly closing with the Stoxx 50 gaining more than
10 percent in the past month versus 4 percent for the S&P500. And while the
S&P has been a strong performer, Europe is finally catching up but the big question is: will it last?