By John Galt
January 3, 2012 07:30 ET
Happy New Year and enjoy the faux Wall Street party today because it will not last long. Futures are up this morning but not due to a sudden resurgence in the U.S. economy or some miracle created by Obamanomics. The reality is that everything is still tied to the actions in the Eurozone and price action in the Euro and each tick up in the S&P 500 can be tied directly to the USD/EUR and EUR/JPY trades at the Forex. The following charts tell the tale of the tape this morning:
(charts from ForexPros.com)
Buckle up for a wild ride today because in the end, once the markets realize that the European Union is still doomed, the snap back below last week’s lows in the Euro currency crosses will be fast, violent, and terminal.