Rallying on Europe's Kitchen Sink

 | Nov 16, 2011 | 1:58 PM EST
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CurrencyShares Euro Trust (FXE) ticks up and we rally, and rally hard?

FXE has become the be-all and end-all of this market because it measures the health of the bailouts, the growth rate of Europe, and the temperature of various government-bond markets and bank-credit markets.

It's the kitchen sink of Europe, and it went from red to green, which could signal that tomorrow will be a better day in Europe. Given that we got a slew of good macro data today, including industrial production and architectural billings, we can revert to macro positives because of the FXE -- hence the rally.

This kind of nonsense is what we have to deal with, but at least you know what's moving things: the euro. And it's going up, which means it's going the way of the stock bulls, and that's all that matters.

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