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Sizable pre-open gains in stock index futures melt away with the crumbling of Greece's ruling...

Sizable pre-open gains in stock index futures melt away with the crumbling of Greece's ruling coalition as good of an excuse as any for selling. Just like the old days: The euro (FXE) quickly slips about 70 pips and the Stoxx 50 (FEZ) drops 1%, now flat on the session. S&P 500 (SPY) futures +0.25%.
Comments (2)
  • I don't see any change in the global macro environment. Has the Fed lost sight of the forest for the trees or is it just acknowledging that its experiment isnt working?
    21 Jun 2013, 08:59 AM Reply Like
  • Jaw-boning the market to engineer a decent correction at this point seems quite healthy to me. Can't have people getting too complacent can we? The reality is that either rates are allowed to rise to the point that there's a strong bid for treasuries or they keep printing to cover the deficit. Either way I don't see the deficit disappearing by 2014 nor a stronger (world) economy by then. Is the EM liquidity bubble starting to unwind?
    21 Jun 2013, 09:24 AM Reply Like
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