This is big news. I think it is an admission that they need to manipulate the market to maintain low credit spreads for the PIIGS, as well as trying to protect their banks. I think this only puts pressure on the related instruments that will be shortable, such as DAX futures. I think Europe will view this negatively when their markets open tomorrow, the opposite of what these regulators intended. The euro is already selling off.
There is interpreting the economic effect of all the news like an economist and strategist or even journalist. And then there is trading. Maybe a little bit more than a clock around twice or more every day the two come in contact. The other times trading makes money while the former is just opinion.
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