Skip to comments.Record High Correlation Between The Euro And S&P 500 Is A Bad Sign
Posted on 10/19/2011 1:52:05 PM PDT by newbie2008
RBC Capital's equity strategist team is concerned that stocks are behaving irrationally.
"In our opinion, nothing about the fundamental backdrop has changed since October 3 to account for the ~15% rally. This pop merely underscores the importance of psychology on short time horizons," they said in a report to clients this morning.
They note that U.S. markets are increasingly being driven by headlines out of Europe. They point to the record high correlation between the euro and the S&P 500:
(Excerpt) Read more at businessinsider.com ...
How high will she go? Nobody knows!!!!
So, will the Euro make it past this coming G20 meeting?