Who Leads Whom?

After a drop late yesterday and a couple plunges in Shanghai, the question today is "who leads whom"? Did Comex/Globex trading force Shanghai lower or did a drop in Shanghai exacerbate price weakness in CDS that began yesterday afternoon?

Before we try to answer that question we need to start by admitting that it's impossible to know. We can speculate. We can make informed guesses. However and for now, no one can say for certain.

What we do know is this...After a very nice rally yesterday that drove the price of Jul24 CDS back to very near that $32.50 Maginot Line that...

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Key Economic Events Week of 6/10

6/12 8:30 ET CPI and Core CPI
6/12 2:00 ET FOMC Fedlines
6/12 2:30 ET Jerry's presser
6/13 8:30 ET PPI and Core PPI
6/14 8:00 ET Some Random Goon
6/14 10:00 ET Prelim UMich

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