The Morning Morsel-Europe Acting Out Again

Europe is acting up this morning as the reality of their “uncovery” begins to take hold, as a result we are lower as well. Our 2 year note is trading at around 65 bip’s this morning.

Europe has had a break the last couple of weeks, but I fully expect the slide to continue. There was strong chatter yesterday of big sovereign issues and a pending Fitch downgrade for France. Newsflash to Europe, if you haven’t been downgraded yet, you will be. I think STD and EWP look attractive again at these levels for a short. EWQ works if you have a beef with France as striking workers who hate austerity measures are starting to screw things up in a big way over there.

The Group of 8 and the Group of 20 meet this weekend so we could be up 1000 points on Monday. They have made such a difference at past meet ups.

Durable-goods orders and jobless claims are on tap for today. Existing home sales were a bomb on Tuesday and new home sales didn’t fail to dramatically disappoint yesterday. Jobs are no where to be found and the home buyer tax credit may be extended. Unemployment benefits may be extended and there is strong chatter of yet another porkulus package.

But no double dip coming because that’s what the experts are telling us. Things are swell.

If you would like to see how I’m trading this madness come on by the site.We had another great day from the short side yesterday.

RIMM earnings are after the close. Have a great day trading.

Thursday, June 24, 2010
08:00 Brazil May Unemployment
08:30 US May Durable Goods, Initial Jobless Claims, Continuing Claims
10:00 Mexico May Unemployment
10:30 US Natural Gas Inventories
12:00 Colombia Q1 GDP
13:00 US Treasury’s $30B 7-yr note auction
BBY shareholder meeting. ADSK analyst meeting. Trades Ex-dividend: CYS $0.60.
Before the Open: CAG, DFS, LEN, MKC, RBN. After the Close: ACN, AVAV, FINL, FSII, HRB, ORCL, RIMM, SNX, TIBX.
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