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EURUSD Roll Over Accelerates, Market Playing Catch Up

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Tyler Durden
Zero Hedge
Monday, May 10, 2010

After trading as high as mid 1.30s, the EURUSD is rolling over, and its slide is now picking up steam, barely holding on to 1.2858 at last check. The 1.2800 stops are looming, whose break would take the EURUSD back to a 1.27 handle.

This may very well still turn out to be the shortest and must futile trillion dollar bailout in history yet. Don’t forget it was the EURJPY correlation desks that freaked out on Thursday and drained all NYSE liquidity in stocks.

It will be truly amazing if we get another 1000 point move in the Dow… But not up.


Global Stocks Surge Following EU Bailout

Monday, May 10, 2010

NEW YORK—U.S. stocks surged as the market opened, and key indexes leapt back into the black for the year after the European Union agreed to a nearly $1 trillion package to help stabilize a debt crisis threatening to widen within Europe.

  • A d v e r t i s e m e n t

The Dow Jones Industrial Average climbed 404 points, or 3.9%, to 10784 in early trading, on pace for its biggest one-day gain of the year.


All of the Dow’s 30 components gained, with General Electric leading the measure, up 7.9%. Bank of America surged 6.7% and Boeing climbed 6.9% after Goldman Sachs upgraded the stock to conviction buy from neutral, writing that Boeing “spans nearly every positive global theme that is driving outperformance in stocks today.”

The U.S. market’s surging open followed strong gains in the Asian and European markets after the European Union agreed to a €750 billion ($954.83 billion) bailout, including €440 billion of loans from euro-zone governments, €60 billion from a European Union emergency fund and €250 billion from the International Monetary Fund.

Full story here.

This article was posted: Monday, May 10, 2010 at 7:13 am

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