Chillin' out till it needs to be funded
Here’s what happened. Someone punched in call credentials on a Conference Call to promise only those who take the high road will survive. Corny meatballs which dish out platitudes like, We’d hate to say we told you so! would hardly do and so, we erased the rest of the punched in text and started again. After, the ECB Conference call. And hey did you even know what happened at Opening bell yesterday?
First, the Central Bank potpurrie, fizzled out big time an hour before market open and the Euro went to 1.24 bang on time before he spoke the magic words, telling everyone to take the high road on the Euro and basically passed on everything else that was to come to the party and quit the call. The Euro jumped below 1.22 in seconds.
Then the big board informed us that the villain of the Morgan Stanley script that went so wrong was also on the big board and knight Capital was blamed for not pulling the switch on duplicate orders in 6 different ticker symbols here the big board waited for the broker Knight Capital to shut down the trades in opening bell yesterday had already caused 10times the average volume of trading in those six symbols in half an hour, ione small cap doing 300 mln shares in that time against 30 mln trades, or so we hear for now. That’s where we are right now.
Draghi has told everyone to shut down their ” Down with the Euro” trade and done preciouslittle else at the conference and NYSe is apologising for a “Technology Glitch” and now trading in a sea of red with Europe, commiserating with the CAC and the DAX on what could have been.
And that is enough for you to start the trading day. Of course, Knight Capital in the second snafu of the day is trading 50% lower and the first, well you really did not expect Draghi to go bond buying ith the Germans pulling the rug , did you? Not that the Euro can turn anywhere without German and conservative support which keeps them from printing money. The Spanish 2014 Bond Auctions got off lightly with the yield up from 3.4% last time to 4.28% this time for over Euro 3Bln and the worse Euro can do is trend down to 1.20