In a week which has seen the Fed telegraphing further QEasing by its favorite
mouthpiece, and the ECB promising, but never delivering, both
that the ESM would get a banking license, which prevented the EURUSD from
tumbling below 1.20 yesterday yet which has been totally forgotten today, and
that we should "beeleeve" Mario Draghi that unlike before he will
not let the EUR fail, the cherry on top and the one event which
removes any doubt that the coordinated events of this whole have had
the sole purposes of masking that US corporate success has finally plateaued and
it is 'only downhill from here', comes courtesy of the CME which moments ago cut
the margin requirements on the bulk of its equity indices by 20-25%.
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