XEU Euro 5-Minute Chart Shows IMF Country Bailout Fund Bounce

Can you identify when the IMF made their happy announcement today about creating a Country Bailout Fund? The blue square shows the jump in the euro from 134.85 to 135.40, 0.4% in less than an hour. If you remember the asset relationships Keystone continually mentions, euro up=dollar down=equities up, and that occurred in quick order.

Interestingly, the timing on the announcement was exactly when the SPX was starting to crack open. Price had just lost 1183 and was about to collapse, once 1181 failed, seconds away, the broad markets would have rolled over hard. Since it is hockey season, we can say the markets were stick-saved by the IMF announcement today. Note how 50% of the move was retraced by the close.

Note Added 11/23/11 at 5:43 AM EST: Euro gave up the entire IMF pop, tumbling lower this morning under 134 as Germany says 'nien' to EuroBonds.