I know, cliché shit coming from the guy who’s been a raging bear for a year.
But, what is exactly running higher today? I’m seeing industrials, tech, and commodities – most of the buying is strictly isolated to where the vast majority of the carnage has been located. Meanwhile, the safety plays in the blue chips have been modestly retracting.
Make sense, as a sign of relief, but not exactly a running bull market.
Meanwhile, the $EURUSD is skipping from a mid-afternoon bludgeoning, and the dollar has lost gains to par for the day.
So we have an active story of rebounds in anticipation of a solution from the G8 meetings, overlapping a relief of oversold conditions. Fine.
The selling’s not over yet.
Any hope of “growth policies”, whatever the hell those are, are misplaced. If European leadership was smart enough to pursue pro-growth, don’t you think they would have done so before now? Where is this sterling leadership coming from, exactly?
Angela Merkel, Francois Hollande, and a hand full of EU appointed, unelected technocrats (not to mention the latest crop of extreme nationalists) are going to issue in dazzling policy that spurs the EZ economies, returning demand, fixing balance sheets, and ushering in a new era of prosperity – it’s just that easy to you.
The best that the EZ can do right now is defer to the ECB to print another trillion. That will keep the game going. It will also destroy another eighth of the European economies. Think about that for a second.
Outside of that, you should not expect any brilliant reinvestment from Europe. You should expect morons to fling money at wind and solar energy, reinforce entitlements and short term benefits, then drop the rest of the money building agencies that will employ ten times more bureaucrats than private sector jobs they could ever hope to create (before negatively impacting markets, of course). A third of all expenditures will end up in the pockets of the politically connected. The rest will not yield any useful benefit to society.
You shouldn’t expect anything more, because none of the people who are involved in this discourse have ever delivered anything more.
The hairs on your back should be standing straight up – I mean, what could Obama of all people possible teach Europe about “thoughtful government spending”? Are you referring to all those awesome policies we’ve had here at home that haven’t done shit?
“Pro-growth” Europe is a myth. Of course, it’s a myth that will probably cost me more money as suckers buy into it. But seeing how we’ve given back all the gains since January, I ask you, how has being a sucker been any more rewarding that being a skeptic?
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The Battle of the Bulge (also known as the Ardennes Offensive and the Von Rundstedt Offensive to the Germans) (16 December 1944 – 25 January 1945) was a major German offensive (die Ardennenoffensive), launched toward the end of World War II through the densely forested Ardennes mountain region of Wallonia in Belgium, hence its French name (Bataille des Ardennes), and France and Luxembourg on the Western Front. The Wehrmacht’s code name for the offensive was Unternehmen Wacht am Rhein (“Operation Watch on the Rhine”), after the German patriotic hymn Die Wacht am Rhein.
There are several American names for this battle. The first was the description given to the way the Allied front-line bulged inward on wartime news maps, which was reported in the contemporary press as the Battle of the Bulge.[18][19][20] The battle was militarily defined as the Ardennes Counteroffensive, which included the German drive and the American effort to contain and later defeat it. Following the war, the U.S. Army issued a campaign citation for its units fighting in northwest Europe at the time. This was called the Ardennes-Alsace campaign and included the Ardennes sector (of the Ardennes Counteroffensive fighting) and units further south in the Alsace sector. The latter units were not involved except for elements sent northward as reinforcements. While Ardennes Counteroffensive is correct military parlance because the official Ardennes-Alsace campaign covers much more than the Ardennes battle region, the most popular description remains simply the Battle of the Bulge.
The German offensive was supported by several subordinate operations known as Unternehmen Bodenplatte, Greif, and Währung. Germany’s goal for these operations was to split the British and American Allied line in half, capturing Antwerp and then proceed to encircle and destroy four Allied armies, forcing the Western Allies to negotiate a peace treaty in the Axis Powers’ favour.[21] Once accomplished, Hitler could fully concentrate on the eastern theatre of war.
The offensive was planned with the utmost secrecy, minimizing radio traffic and moving troops and equipment under cover of darkness. Although Ultra suggested a possible attack and the Third U.S. Army’s intelligence staff predicted a major German offensive, the Allies were still caught by surprise. This was achieved by a combination of Allied overconfidence, preoccupation with their own offensive plans, and poor aerial reconnaissance.
Near-complete surprise against a weakly defended section of the Allied line was achieved during heavy overcast weather, which grounded the Allies’ overwhelmingly superior air forces. Fierce resistance, particularly around the key town of Bastogne, and terrain favouring the defenders threw the German timetable behind schedule. Allied reinforcements, including General George S. Patton’s Third Army, and improving weather conditions, which permitted air attacks on German forces and supply lines, sealed the failure of the offensive.
In the wake of the defeat, many experienced German units were left severely depleted of men and equipment as survivors retreated to the defenses of the Siegfried Line. For the Americans, with about 610,000 men[2] committed and some 89,000 casualties,[11] including 19,000 killed,[11][15] the Battle of the Bulge was the largest and bloodiest battle that they fought in World War II
Incorrect answer, as Icebaby, or bananarammer, or Torrealbum, or whatever idiotic name you go by now.
Let’s review your history. Amongst other things, you have said:
$EURUSD was a buy at 1.4
Sarkozy was pulling ahead in French elections
You called Natty a buy…in February
You called oil a sell and tried telling me I’d get wiped out by holding short.
Stay the fuck off my blog. You are simply to dumb and annoying to be permitted to post here.
Excuse me, I mean oil a buy.
No, child. To the spam box with you.
I’ve left all your other moronic rants; let your legacy of horrible grammar, quick shot posts, and atrocious market calls stand in the halls of history, where they can be mocked.
Your future here is terminated.