Market Reaction – Gravity Bites As Draghi Serves Cold Plate Of Epic Disappointment

via: ZeroHedge
By: Tyler Durden
August 2, 2012

Tyler Durden's picture
As he began to speak the EUR rallied, EGBs rallied and ES rallied – last minute hopiness wrung out of the system, but as soon as he explained that his plan to promise a plan which plans to promise a solution was nothing but another promise and not an actual plan, so everything reversed. S&P futures are  -17pts from pre-Draghi, Gold back under $1600, and the USD is ripping higher, Treasury yields are down 8bps from pre-Draghi, EURUSD is down 50pip sfpom, pre-Draghi after trading up over 1.24 as he began, and has retraced over 75% of the post-Draghi ‘believe’ speech.Spain and Italy have given back the immediate euphoria with Italy now 50bps wider from pre-Draghi and Spain +25bps (having retraced over 60% of the post-‘believe’ rally).
Advertisements

, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

  1. Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: