Apologies, no Morning Note today… Xmas rally continues as ECB Prez Trichet basically echoes the “by any means necessary” QE2 rhetoric of the Fed’s Ben Bernanke in order to stave off any sovereign wealth contagion. Central Banks are continuing to encourage the world to buy equities. US futures up 30bps, Europe ups ~50bps,
Asia higher overnight. EUR/USD holds key 1.30 level. Oil -25bps. Gold +5bps. Treasury prices lower, ergo yields are higher.
One thing worth noting however… is there a growing divergence between the “real economy” and equity markets?
This story was reported last night in
… people waited in line for FOUR DAYS to get $100 worth of food. Are you kidding me? Miami