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S&P Futures At Tipping Point On German FINMIN GRExit Chatter

Friday, August 24, 2012 8:52

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(Before It's News)

from Zero Hedge

The market was just starting to digest the schizophrenic Durable Goods data when chatter broke of the German FINMIN discussing a ‘temporary’ GRExit. This pushed S&P futures below overnight lows (down about 5pts from Dur Goods), EUR down 40 more pips (-75pips from close), and 10Y Treasury yields dropped 3bps (down 6bps from their overnight open). As we stand S&P 500 futures appear poised at an important trend-line tipping point in this move as Draghi’s dreams are delayed to mid September and the world stops believing.