Nothing says existential fear for the EU like buying the f**king French dip on the heels of an overnight poll that simply confirmed expectations that the worst case scenario ‘Le Pen – Melenchon’ second round was still a significant outlier. French stocks soared 1.7% – the most in 6 weeks – bouncing off the 50-day moving average.
We suspect given the massive hedge positions being laid out that this kind of volatility will be the new normal for the next week or so…
Notice CAC bounced perfectly off the 50DMA
It was a broad-based rally, with banking stocks among top gainers: BNP Paribas 4.2%, Societe Generale 3.8%, Credit Agricole 3%.
This post was published at Zero Hedge on Apr 20, 2017.
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