Seeing many 9/13 buy signal developing across short medium and long time frames near 1118ish level for a corrective move to 1128 and maybe 1137
Is Ben Bernanke Having Fun Yet?
NINE days ago, Ben S. Bernanke, the Federal Reserve chairman, caught a Friday-night flight from here so he could address 1,100 graduates at the University of South Carolina the next morning about “The Economics of Happiness.” After the speech, he took a call in his hotel room from Jean-Claude Trichet, head of the European Central Bank, and the next day pledged billions of dollars to help Europe stave off a financial crisis — a flashback to the huge lending programs the Fed put together in 2008 to forestall economic collapse at home. (more)
Greece Considering Legal Action Against U.S. Banks for Crisis
Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said. (more)
JGBs rise as Nikkei slides on euro fall to 4-year low
Japanese government bonds gained on Monday, with the five-year yield hitting a five-month low, as Tokyo stocks slid with the euro marking a four-year low against the dollar on persistent fiscal concerns about Europe. (more)
Stocks, Euro Plunge on Concern Austerity Plans to Curb Recovery
Asian stocks fell the most since Feb. 5, the cost of insuring bonds from default jumped and the euro dropped to its lowest against the dollar since 2006 on concern European austerity measures will derail the economic recovery.
The MSCI Asia Pacific Index dived 2.5 percent to 117.05 at 12 p.m. in Tokyo, the Markit iTraxx Asia index of credit-default swaps climbed 10 basis points to 125 basis points, the euro fell to as low as $1.2244 and futures on the Standard & Poor’s 500 Index declined 1.1 percent. (more)
TOM DEMARK INDICATORS
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