Thursday, October 27, 2011

Monster melt-up

Well, October 2011 is going to be one for the record books.  Stocks have gone vertical on the hopes of a debt deal in Europe since the 10/4 bottom and now that we have a deal we aren't getting the normal sell the news reaction, it's a full 5% jump across most European indexes. 

It seems strange that the solution to Europe's crushing debt load is.... $1.4 trillion of new debt, but hey who am I to question their plan?

While I think there are many questions to be settled - particularly regarding the Greek bond haircut which everyone said had "it has to be 70% or more", yet it settled at 50%.

As I said earlier this week this had the potential to be an explosive week and that's exactly how it has played out. 

BTW: the best tweet of the day - Hmmm, protesters massing in the streets are fired upon with rubber bullets and flash grenades but it's not on the cover of @NYTIMES?  Oh, that's right it's happening here and not in the Middle East.

The Occupy Oakland story was way under reported yesterday - so I'll do my part to spread the word.

Occupy Oakland - Iraq War Vet critically injured by police projectile.


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