The stock markets are loving this central bank we'll save everybody move announced yesterday. S&P is up from 1150 to 1210 as of now and the European markets have moved more then that this week. This is all on the idea that Greek default got taken off the table and with that European banks failures as well. And yes Greek bonds have gone up in price but a one year Greek bond yield is still over 100%. So for those who don't speak bond, the easy math is if it's yield is 100% for one year it means a $1000 bond is selling for $500. Is that better then last weeks $400, yes. Does that still mean the bond market thinks Greece can only pay half its debt back this year, yes. Its got this 08 vibe were housing was collapsing but stocks kept going up and then explosion. If people saw a crisis coming there wouldn't be one because they'd adjust before it happend.
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