Still waiting for the 1193.89 gap to be filled on the S&P cash. 1208.47 is still a possibility too. As if in a big sigh of relief, the futures are up well this morning.
Jackson Hole was a non event. The euro hangs tough and keeps the sovereign debt crisis at bay. Irene has left behind a beautiful sunny morning.
My guess is that a bit of calm will prevail while the pressure builds.
And clearly it will build, according to this from Bloomberg:
Germany and Spain rebuffed International Monetary Fund Managing Director Christine Lagarde’s call for an “urgent,” potentially mandatory, recapitalization of European banks.
Non-cooperation is non good. It may be causing pressure of a different sort to build simultaneously in France. This morning's Zero Hedge story had a feeling of deja vu:
As always, Libor is the last to go: first very slowly, then very fast, as the entire French banking system, once one reads between the lines of the above, finds itself in funding limbo, and its last lifeline, that of secured repo funding, disappears. At that point we will be talking not about $500 million in USD swap lines going to rescue French banks, but vicious orders of magnitude greater.
I hope the central bankers enjoyed the Million Dollar Cowboy Bar in Jackson Hole. It's scary that hundreds of millions just doesn't cut it anymore. Trillions in derivatives lie in waiting. The pressure is building.
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