I'm bummed. The BOJ didn't move over the weekend; the whole damn G-7 decided that the Yen had ramped up to unacceptable levels and announced what was, in effect, an intervention. Didn't see this one coming at all as the usual suspects, exporters all, love a strong Yen which of course works to their advantage. Could this be a sign of working for the common good? Would be just about the first time if it is. Anyway, I missed it. I'll try to do better
Spain had a pretty big issuance yesterday and whilst the yields were a touch lower than expected the size fell short of the maximum targeted amount. I don't know how to process this. Does that mean they really wanted more or that they would have taken more if the yield had been lower? You choose. Surely, however, it was not a blow-out successful auction highlighting once again that things remain very frothy in Euroland.
The Leader got himself dragged into the Lybian civil strife but not in a leadership position as he was quick to point out in a speech today. The markets liked the idea of a no fly zone and reacted accordingly. Ghaddaffi immediately announced a cease fire so maybe I got that one wrong as well but then again, no one REALLY believes that 10 minutes from winning this guy is going to walk off the court, nut that he is. I just hope we haven't punched a tar baby 'cause now that we are committed if it goes badly we could wind up with boots on the ground in THREE seperate Muslim states or at least heavily involved in a shooting civil war no matter what Mr. Obama has said.
Obviously, this is like reading Faulkner today as everything is a stream of consciousness, but I'm not really looking forward to this weekend and what Monday will bring. Then again, I've been on a small losing streak so maybe things will work out and the best thing I can do is to watch the development of the Sweet Sixteen. I think I'm right in that.
See ya.
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