On The Sheer Bullishness Of An Open US Market

It would appear, given today's remarkable moves across every risk-asset in Europe and the US, that all that is required to fix Europe's broken transmission channels and undercapitalized banks and to "remediate" the US fiscal cliff is that the US equity market be open... It seems our earlier tweet was spot on!

And of course this one before it...

Whether is it is EURUSD, Spanish bond spreads, US equities, Commodities, or Treasury yields; the US equity open apparently is all that is needed to bring back insanity... (notice the FX and Treasury markets are not as enthusiastic as stocks and spanish bonds)



The machine-like stop-runs across each of these markets hints at the unsustainability... but it is stocks that have (once again) gone that extra mile of incredulity relative to the rest of risk...

Charts: Bloomberg and Capital Context

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