10th Oct - US Close: Bottom - or double top?

Weak day in SPX, but EURUSD held nicely. Now the stocks are sitting at the support. Either it breaks, or we visit the top half of the range quickly. False breakout to downside would be classic. MoreLiver's old saying is that the objective of the markets is to hurt as many people as possible. Which way you think the really clever people would now position?

Previously on MoreLiver’s

10.10. US Open: Weak weeks?

10.10 EU Open: Previous lows visited

9.10. US Close

Roundups and Commentary

News – Between The Hedges

Markets – Between The Hedges

Recap – Global Macro Trading

The Closer – alphaville / FT

Roundup – A View From My Screens

Mythbusters on BLS, Treasuries, Apple & HY – TF Market Advisors

Tomorrow’s Tape: Jobless Claims – WSJ

European Summary – ZH

  Europe Ends Red With Sovereigns Seeing Selling-Pattern Seven Days-In-A-Row

US Summary – ZH

  Biggest 3-Day Slump In Stocks In 10 Weeks As S&P Hugs Pre-QE Levels

Reference

TV: Bloomberg, CNBC, BBC

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

OMT is so 2013 – alphaville / FT

The market has been waiting for Spain to request its very own Enhanced Conditions Credit Line for quite a while now. It’s the road to OMT. And for a (very) little while just last week while it appeared we were only a weekend away. But it’s now looking increasingly like we are not gonna get to see any OMT buying at all in 2012. Sad.

The Eurozone’s Narrowing Window – Project Syndicate

Without robust growth, and because perpetual austerity is not politically tenable, Europe’s options are narrowing. So much now hangs on the ECB’s actions – but for how long will these be sufficient to maintain a truce with markets?

USA

Goldman On The Reality Of The Jobs Market – ZH

Fed's Beige Book: Economic activity "expanded modestly", Residential real estate showed "widespread improvement" – Calculated Risk

OTHER

Stocks Slump To Post-QEternity Lows; At Draghi Cliff's Edge – ZH

Two Charts To Strike Fear In The Heart Of Euro Bulls – ZH

Forget Class-Warfare; It's Age-Warfare We Should Worry About – ZH

The old are stealing our jobs! – alphaville / FT

The debt crisis: Lessons from history – Buttonwood’s / The Economist

A fascinating chapter in the IMF's World Economic Outlook, looking at past episodes of high government debt-to-GDP ratios.

IN FINNISH

Raportti – Mitä jos euroalue hajoaa? – Nordea (pdf)

Mitä jos Suomi eroaisi eurosta? Näin se tapahtuisi – TalSa

Suomi voi selvitä suhteellisen pienin taloudellisin vaurioin, mikäli päättäisimme erota eurosta. Siirtymäaika voi kuitenkin olla ongelmallinen, koska sijoittajien mielialoja on vaikea ennustaa. Näin arvioi Nordea-pankki tuoreessa tutkimusraportissaan.

Sana "sama" muuttui sanaksi "parempi" - eduskuntaa ei silti harhautettu – YLE

Valtiovarainvaliokunta kuulee ensi viikolla valtiovarainministeriötä Euroopan vakausmekanismin etuoikeutetun velkojan asemasta. Kuulemisen taustalla on hallituksen esityksestä löytynyt virhe.

Soini: Hallitus vähintään sievisteli EVM-päätöksessä – YLE

Perussuomalaisten puheenjohtaja Timo Soini sanoo, että hallitus antoi ymmärtää, että EVM:llä olisi etuoikeus lainojen perinnässä. Keskustan kansanedustaja Mauri Pekkarisen mukaan eduskunnalla oli EVM-päätöstä tehtäessä tarvittavat tiedot.