Market

[Pascal]

I believe that the major issue in today's market is the Euro carry trade.

As the Euro gained 3% against the US$ today and as European Stock markets are down hard, there is a scramble to unwind position and raise cash to "plug the holes".

This poor reaction to the ECB's decision could snowball tomorrow.
If you add the low oil prices that puts a lot of pressure on junk bonds, then we could get real problems that a santa rally will have difficulties to deal with, especially if Yellen has already decided to raise teh US rates.


Pascal