The German court ruled that the EFSF is constitutional. Let's restate more accurately: The German court ruled that the EFSF is not un-constitutional. That tells you all you need to know: a non-negative equals a positive, even if fleeting.
As posted two days ago, we were looking 1120 as a destination point, but the buyers stepped in, defended 1138, and with the news, voila! Back in the pool...and so with it you can expect the dogs (European banks) to be the leaders for this nanosecond. Barclays, Deutsche and Credit Suisse, this means YOU. UBS, Santander: we will need a lot more market cooperation for those dogs to swim.
As posted two days ago, we were looking 1120 as a destination point, but the buyers stepped in, defended 1138, and with the news, voila! Back in the pool...and so with it you can expect the dogs (European banks) to be the leaders for this nanosecond. Barclays, Deutsche and Credit Suisse, this means YOU. UBS, Santander: we will need a lot more market cooperation for those dogs to swim.
One reason for pause: this NY Times article, largely unsubstantiated, which suggests a large European will face imminent danger. Nice that they get a free option to get Pulitzer consideration if they are right, and no penalty if they are wrong.
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