Good morning, Slopers!
Just a quick comment-cleaner here.
The summary of the last 9 hours for me is pretty simple:
(1) There was a ton of “Cyprus is doomed and exiting the Euro” chatter on the airwaves all during the weekend, and it sounded like Sunday the 24th was going to be similar to Sunday the 17th (lots of red on the screen). The markets opened down, but only by a little, and even the “doomed” Euro opened down 0.25% and climbed higher from there.
(2) A little while later, the big news came out that, for the 387th time, another Euro-deal was made, and all was well. The Euro exploded higher, dragging along the NQ and ES with it. I rolled my eyes, resigned to the fact that, no matter what happens, Europe will always save itself, and the breathless doomsayers will be shown wrong, usually within minutes.
(3) As I went off to bed, the ES was up a solid 7.50, and I was preparing myself for a day of bear-survival on Monday, defending my portfolio against another bull unslaught.
(4) I just woke up, grabbed my iPad, and saw that the Euro had reversed…………HARD. I was excited to see this, since, after all, the percentage change in Euro on Sunday matched almost precisely the effect on the ES and NQ. But what did I find? The ES and NQ were still up! It seems we have a one-edged sword here. Euro up? Stocks up! Euro down? Stocks up less!
Oh, well. I haven’t even glanced at the news to see w.t.f. happened over the course of the night, but at least the Euro’s not green anymore. I’ll take what I can get.