What a Wonderful World

ORIGINAL POST:  4:15 AM Whether driven by fundamental constitutional considerations or a keen awareness of the implications for their pensions, the German Constitutional Court granted the German government conditional approval to throw good money after bad.  How conditional? Germany’s ESM share will initially be capped at EUR 190 billion.  As Germany is the only ESM … continue reading →

The Contest

Just for grins, let’s give away some pebblewriter.com memberships.  Since we’re likely to have some fireworks this week, I’m curious as to what folks are expecting.   From now through 6pm EDT on the 11th, submit your best guess as to the closing quote for the SPX on September 13th.  One entry only, please, and verified … continue reading →

Going to Extremes

ORIGINAL POST:  0930 The dollar and EURUSD have both reached short-term extremes and should bounce back strongly — if not today then very soon. Here’s the action as of the NFP print: And, here’s DX’s action since then — falling out of the channel it’s been in since July 6. Does the dismal NFP report … continue reading →

Draghi Delivers

No, not in a “saves the world” sense.  But, he must have received my envelope full of liras because SPX is right on track to reach our target from the 4th [Counting Down, 3:30 update]. We’ll get into the specifics of his plan later, but first some charts. We’ve reached 1417.59, the 1.272 of the … continue reading →