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Is Catalan secession a problem for the Euro?

There was a time not too long ago where any hint of Euro disunity caused big ripples in the markets.  We had the Greek elections and debt crisis and MF Global blew out on what turned out to be a good bet long PIGS debt.  Spain is having a mini-crisis around the Catalan state leaving and US markets mostly shrugged.

 

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Sticky Sticky Sticky VIX

As we run to all-time highs for SPX and RUT plain kicking the door down, VIX notched in a 9 handle close.  All is normal, as the BIG VOL INDEX runs the way it is supposed to.  Now the issue really is why the VIX Oct future remains above 12  with less than 3 weeks to go.  The short answer is the future traders are holding out.  Waiting for the next DJT Tweet bomb or a NK dirt clod fight has left premium sellers a little shell shocked.  They won't give it up.

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Is RIG going to sink to the bottom of the ocean?

Today was the first day in a while that oil backed off in price.  I am not sure what the short term demand optics are but the glut seems to be over for a while.  Harvey or a variety of hurricanes could be the culprit.  Oil is up a bit so maybe someone needs to start drilling again.

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