S&P (futures over 1900 for first time), Dow, and Nasdaq futures markets are all pressing new higher-highs this morning on the heels of Europe's dismal election news overnight. Helped early on by JPY weakness, stocks now have a mind of their own and have disconnected from an unchanged Treasury futures market (cash is closed) and a fading EURJPY/USDJPY carry trade. European peripheral bonds are the must-have asset of the day with Portuguese bonds particularly loved. Italian stocks are the high-beta idiot-maker trade today (+2.8%).
S&P 2000 or bust…
But JPY carry support is fading…
And Treasury futures are flat…
But European peripheral bonds have retraced most of the dramatically bad losses from last week…
via Zero Hedge http://ift.tt/1hqkxEs Tyler Durden