Bits and pieces in random order:
- US Fed announced that it holds rates near zero, will buy $300 billion of US Treasuries (prints money) and increases the purchase of mortgage interest rate programs by another $750 billion ... So, the quantitative easing (QE) finally arrives! This is because the life is so nice, or is not?
- BAC (Bank of Lynched Countrywide America) may repay TARP funds this year according to Ken Lewis. Just writing it down for reference... Assuming the Fed is not far from buying everything, why not buy back the TARP funds?
- Smart guys are making their lives more interesting around Citigroup ...
- Gold (spot) jumps from $892, just before the announcement of Fed's desires, to some $942 at the end of New York trade, Brent Crude Oil (front month future) adds just 1.37% on the day ...
- The S&P500 Financial sector recorded a nice 42% recovery from March 6, 2009 lows still yesterday, today we added another 10% on day, so now we are just some 57% up from March lows ... Well, KBW Banks Index is up 11% on day, KBW Capital Markets 6.3%.
- S&P500 is up 19% (as of cash close today) from lows at 666 on March 6th. S&P500 Consumer Staples sector is up only 8.5% from those lows ...
- And some charts below for better feeling of the magnitude of events (if not wrong, then the bond move (10 year US Treasuries) and FX (EUR vs USD) move may be record daily moves ever) that are going on today!
- BTW, we are not so far from 805 for S&P500, so I should be considering what to scramble ...
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