Gimme all you've got, yells Al. The stock markets rallied, again on nothing but a bullish interpretation. The markets are bullish until they are not. There are no signs of an impending doom, no reason to be short - but not that many to be long, either. Next weekend's posts are going to be huge. I try to post them already on Saturday, so at least someone would have time to go through them before another week of sameness.
Sincerely,
MoreLiver
Previously
on MoreLiver’s:
Thu: US Open
Thu: EU Open
Roundups & Commentary
News – Between
The Hedges
Markets – Between
The Hedges
The Closer
– alphaville
/ FT
Recap – Global
Macro Trading
European
commentary – Marc
to Market
Market
Commentary – A
View From My Screens
Overview –
Kiron Sarkar / The Big Picture
The T
Report – TF
Market Advisors
Tyler’s European Summary – ZH
Spain And Italy Stocks Surging, Bonds
Not So Much (Again)
Tyler’s US Summary – ZH
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
I think the
big banks are hoarding and waiting. Each hopes not to fall first. Those who do
fall will be picked clean by those still standing. This is what the bail out
money is being used for…
Spreads and that damn seniority – alphaville
/ FT
Goldman Sachs…tries to strip out the “excess”
spread of Italian and Spanish debt to Germany, which might come from such things as convertibility risk.
Antonis Samaras' trip to Germany next week will be a complicated one. The Greek prime minister is
expected to ask Angela Merkel for his country to be given two more years to
adhere to the austerity conditions attached to the country's EU-IMF bailout
program. With political resistance growing in Berlin, the chancellor has
little leeway for compromise.
Breakdown of 1 trillion euros in European bank
NPLs by country – Credit
Writedowns
Distributing Spain’s bank bailout funds – alphaville
/ FT
It is difficult to understand what’s going on
behind the scenes, especially between the Spanish government and the European
partners. The common understanding is that the first EUR 30bn tranche should be
released soon; that said, some European partners may want to see more progress
and clarity on the reforms to the Spanish banking sector, like the promised
resolution mechanism and bad bank.
When You Only Have a Hammer – Tim
Duy’s Fed Watch
Canada is not a model for Europe. If it is a model, it tells us
that currency depreciation relative to your major trading partners is an
essential part of any austerity program.
Not exactly a model that Europe is willing to follow.
As the euro zone goes into another recession, Germany is slowing down
Spanish savers: Unhappy holidays – The Economist
A proposed hit to savers increases the
government’s unpopularity
USA
Uncertain uncertainty effects and the fiscal
cliff – alphaville
/ FT
worries about the fiscal cliff probably do have
some impact, especially on the most vulnerable sectors, but this impact is
difficult to quantify (links to a fresh report by Citi)
A muted Vix – alphaville
/ FT
How can it be that the Vix index is trading at five-year lows when expectations are anything
but bullish?
OTHER
EMEA Weekly, Week 34 – Danske
Bank (pdf)
IN FINNISH
Veronmaksukyky ja –halu – Hannu
Visti