Ben impressing (only HFT)?
Although Barton Biggs proclaimed the new bull is here at the end of last week, the market has now reversed, back to the same levels as prior to Ben’s “flooding the European Banks with USD funding” levels. Ben’s actions impress the Market with diminishing enthusiasm. The only ones left trading positive news from Ben seem to be HFT, and we all know, these guys are not the “strong” hands.
Markets are once again spooked by the Greek Mess. With conflicting news from everyone, and no trustworthy plan, the Greek story won’t disappear. The Trader argues for the focus to be shifting to Spain shortly, as the Collapsing Economy on the Iberian Peninsula should make investors nervous. SPX is back in the trend channel. While the market lacks direction, it should be traded like short gamma, ie the market comes back from “extreme” levels, just give it a couple of days, until it breaks totally….