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Euro and S&P 500: Not What You Think
It is commonplace now to talk about break down of the risk-on/risk-off (RoRo) matrix and in particular the decoupling of the euro from the S&P 500. Be careful. Most observers were slow to recognize this decoupling, which we had been writing about for some time, and are missing the more recent trend in which the linkage has tightened. Our methodological point is that it is difficult to accurately eyeball correlation. Correlation is a statistical relationship. Many observers see the euro off 2.7% against the dollar this year and recognize that the S&P 500 is up 8% and see this as a sign of a weak correlation. Look at ... (full story)
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"The meek shall inherit the earth.." Yeah right, good luck with that shit..
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