Grexit Schmexit

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


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.

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