“Buy US, Sell Europe .. In EM, buy LatAm, sell CEMA.” If you believe in “if it ain’t broke, don’t fix it” philosophy, this is the theme that has delivered recently. As usual before the Merkel-Sarkozy meetings, Euro and now es are firming right before 12:30 announcement. Alcoa opens earnings season tonight..
Written on January 9, 2012 by ozan
WHAT DO I THINK HERE? “Buy US, Sell Europe .. In EM, buy LatAm,
sell CEMA.” If you believe in “if it ain’t broke, don’t fix it”
philosophy, this is the theme that has delivered recently. As us
ual before the Merkel-Sarkozy meetings, Euro and now es are firm
ing right before 12:30 announcement. ** Alcoa opens the earnings
season tonight after close. Some players expect significant ear
nings beats since negative guidance & macro concerns have fueled
big EPS downgrades. ** New issue calendar has opened healthily
for Lat Am & Asia, but CEMA is waiting for now. ** Better open f
or the two “sick countries of the first week of 2012,” Hungary a
nd Turkey for now. ** They should get in more trouble if S&P moo
d also turns sour.**On that watch Italy auctions & Greece PSI de
velopments.Will haircut exceed 50% & what about participation rate?
Very important unknowns for the moment..
