(NTAP) Worked well short all am from the 29 level at the open - reference AM post
(HPQ) Worked well short - trended straight down into the overnight gap after Faber grilled Whitman earlier on CNBC pre market
(MTGE) Filling the overnight gap slowly on the secondary dilution event
DISCLOSURE: Long (MTGE) Short (NTAP)
Mid day update from the Floor:
Europe closes near session highs in spite of the very confusing headlines and macro data which were released. European PMI’s as well as German Confidence came out worse than expected. Many were hoping a speech by ECB Chief Mario Draghi would give a clearer picture as to what the next move the Central Bank would make. JP Morgan has stated LTRO # 3 as well as a rate cut are in store before July. Mr. Draghi would have none of it. Like a champion poker player his cards are well hidden. He went as far as to say the effects of the first two LTRO’s have not fully been digested by the system. The technocratic leader of Italy , Mr. Monti said Eurobonds were close at hand. The market found its sea legs and ripped on the headline, only to have it refuted within twenty minutes time by a lieutenant of the German Chancellor. So as we have seen in the past there is no continuity in the statements coming out of continental Europe . So what has changed you may ask? The Bank of Russia even chimed in and said the Greeks have plans for a parallel currency, if need be. Makes you wonder will the Greeks tie their future currency to that of another nation, possibly the Ruble? Is this the new way communism and socialism will advance across continents? Remember the nasty old Cold War days when country borders were heavily fortified by barbed wire, walls and tanks? I know, I know this is stuff of spy novels! Forgive me for questioning the new world order. Meanwhile, back at the ranch, Markit released their first version of a US Flash PMI. Surprise, surprise it showed a contraction, 53.9 versus 56 prior. One more data point which shows the world economy is showing signs of slippage no matter how much pump priming goes on. The coordinated variety may be on tap next, keep your fingers crossed! The good news tomorrow is Friday. A three day weekend beckons. The calendar will look to German GFK Consumer Confidence, as well as a scheduled German vote on the ESM on the continent. US data will consist of University of Michigan survey at 9:55, and then we coast into the weekend. Another day of twist and turns on the global stage. Have a wonderful day.
Eric J. Schumacher