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Downgrades Ain’t What They Used To Be…

A sure sign of the Apocalypse is when vulnerable large European sovereigns are downgraded and the euro barely budges.

What is equally hard to believe that since we couldn't go down very much that we did not launch northward to squeeze shorts. Central banks have us hemmed in increasingly uninteresting ranges and many are losing hope of a major move anytime soon.

The second sign of the Apocalypse came earlier this morning when the SNB inexplicably took off the table one of its last remaining weapons in the fight to weaken the Swiss franc. Why he would rule out negative interest rates is beyond me, even if they have absolutely no intention of using them.

Next up for the market is first look at first quarter US GDP. The market expects the economy to have grown 2.5%. Keep an eye on the quality of the growth. If inventory build-ups are a driver of growth, the market will be disappointed.