There's lots of bad news out there today from the ECB admitting a mistake in the collateral ratings of Spanish loans to the Trokia delaying the Greek bailout package they voted on yesterday for what could be, "weeks". With Draghi saying today in his press conference that the ECB is hesitant to activate the OMT bond buying program, Spanish Yields are seen moving much wider on the day with a 450 bp spread or the highest in 6 weeks. The OMT is useless as even a backstop if the ECB is going to come right out and virtually take its use off the table!
Nothing but bad news across Europe, yet the Euro hasn't made a new low since the 9:30 open so it's hanging in there somehow as the $AUD heads higher.
Euro hasn't made a new low since the 9:30 a.m. US open.
The $AUD has been heading higher.
Some leading indicators are also looking decent today:
Commodities vs the SPX today are showing decent relative performance.
High Yield Credit is surprisingly even moving higher.
FCT is also moving higher intraday
As is the $AUD
Even the Euro is showing a little better recent relative performance recently.
DIA 3 min is doing what I illustrated yesterday.
As is the 15 min DIA chart, which is important (these are just some examples).
The IWM is showing a very extreme leading positive 1 min after a positive divergence all morning, this is very interesting.
The IWM 15 min leading positive positive is adding to a higher high.
NASDAQ intraday futures in a leading positive divergence (Tech looks interesting as well.)
QQQ 1 min
SPY 3 min also doing what I explained was likely to happen yesterday.
More updates coming as well as some ideas.
No comments:
Post a Comment