Some looks at the Dow’s trading channels range for a slow holiday Friday:
>
>
chart by David L. Singer at SINGER$MARKET
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
read more »
November 27th, 2009 at 12:33 pm
Ritholtz,
let us know what you think of the close- you had some concern if we went through/threw some key fundamental resistence- tells us your thoughts
November 27th, 2009 at 1:50 pm
I came up with this today. It explains a lot when you think about it. It is almost a worldwide phenomenon.
We are told we have a capitalistic economy and that is what is failing us but that is just not true. The structure and basis for the world economy is debt. Therefore, we have a debtism economy and that is what is failing us.
The next time someone goes off on a rant about how capitalism isn’t working you can set them straight. This isn’t capitalism, it is debtism.