Grexit Schmexit

How will the Greek drama end?
It's a tragedy of course.

070515corlaollaps

click chart to enlarge

One month ago, the 90-day correlation between the S&P and the combined central bank balance sheets was +.70, now it's -.09. The central banks have apparently lost the ability to goose the markets. The chart shows the continuing rise of the bank's assets, but stocks are no longer playing along.

Subscribe to see the rest of this post.