EVERYTHING else, absolutely everything, US and foreign shares, currency pairs and commodities generally, including crude, got smashed as the USD rose apace.
The only serious question is: will this repeat itself tomorrow? Absent MORE bad news on the Greek/Portuguese situation, I think not. We should see some knock-on effect tonight, but absent more distinct bad news in tomorrow's US session (keep in mind, FOMC are meeting), I'd say we'll be lower to start, then rally as the session goes on.
Just one view, of course. We shall see what we shall see.
"The key ingredient is the ECB window! IF this is still open (as under the rules it must be!), the PIGS will be “round tripping” on a massive and increasing scale – getting national banks to discount government debt at par with the ECB for Euros and then using these Euros to buy more of their Government s debt etc, etc, only doing this faster and faster. On this basis the debtors will be cash rich."
If this is the case, didn't we see this occur after the Lehman crash? Unlimited windows opened around the world?
yitbos