Tuesday Morning Briefing
Welcome back! I trust everyone enjoyed a most relaxing Memorial Day weekend. Wish I could say the same but I was busy with a long list of chores and extended weekends are usually a great time for me to catch up.
Now I’d love to hit the ground running this morning but much to my chagrin I don’t see a single chart I like right now. Equities are still in Cantonese chef mode and I have little desire to get involved here. Noteworthy however is that we are still holding above a daily NLSL (2113.25) and now there’s a brand spanking new weekly NLBL at 2114.75. And even if we lose that one there’s a ton of accumulated context below.
Not sure if you heard but Spain held local elections and various far left parties wiped the floor with the ruling conservatives. Not really surprising given that a quarter of the work force is unemployed, and voters clearly seemed determined to punish those in power. Investors are now worried about the general elections in November which may push the political landscape in Spain even further to the left. Accordingly the EUR tumbled to below 1.09 and has recovered a little since.
Let’s see if we get a bit of movement later in the session.
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