Same Catalyst, Different Result

As you may recall yesterday German Factory Order came in much better than expected and that was the "Catalyst" for the overnight rally in ES, however today German Industrial Production beat, yet ES went the other way overnight. As I said yesterday, the public wants a reason for everything the market does and the financial media give it to them, but it has nothing to do with the real reasons, otherwise using that logic ES should be up this morning.


The Story in Greece just gets stranger and stranger. You may remember yesterday the Pro-Bailout New Democracy leader, Samara was to have 3 days to try to put together a pro-bailout coalition government, only needing a few extra seats, but gave up before day 1 was even complete.


According to Greek law, the Second Place anti-Baliout party will have its chance to try to put together an anti-bailout coalition, with 60% of the popular vote going to anti-bailout parties, he may just succeed and here's a taste of what TSIPRAS has in mind...

• TSIPRAS SAYS GREEK RESULTS MAKES BAILOUT ACCORD NULL AND VOID
• TSIPRAS SAYS GREEKS HAVE VOTED AGAINST BARBARIC BAILOUT
• TSIPRAS SAYS WON'T JOIN A GOVT OF NATIONAL SALVATION FOR LOAN
• TSIPRAS SAYS GREEKS HAVE ENDED PLANS FOR ADDITIONAL AUSTERITY
• TSIPRAS SAYS TO REDISTRIBUTE TAX BURDEN, DEVELOP GROWTH PLANS
• TSIPRAS SAYS WILL STICK TO PRE-ELECTION PLEDGES
• TSIPRAS ASKS VENIZELOS, SAMARAS TO RENEGE PLEDGES IN WRITING

• GREECE'S TSIPRAS SAYS WANTS INTERNATIONAL COMMISSION TO INVESTIGATE IF GREECE'S DEBT IS LEGAL
• TSIPRAS SAYS MUST BE MORATORIUM ON GREEK DEBT PAYMENTS

So Germany, the Troika and the European banks financing the Greek debt just got a glimpse of their worst nightmare.

The EUR/USD didn't really care for those statements...

You can see the slide in the Euro in the red box around the time the statements were made, all in all still not a huge move for such a historic, game changing set of demands.

Now you know why Greek debt that was trading at 25% of face value dropped some -14% yesterday!

I don't ever real the Worden Report that updates with TeleChart and still haven't read it, but I did see this headline when updating TeleChart and was reminded of my post last night,

"A Mixed Day for Stocks, but is this Merely a Stay of Execution for the Bulls?"