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Don't count on an election year rally. Politicians must be seen as relevant and this means more interventions and remedies for "problems" in 2012.
- UniCredit on the Ropes
Italy's UniCredit Bank tried to sell shares this morning to raise money. The only takers were sponsoring banks. They must raise money to meet new banking reserve requirements.
- Bull by the Tail
The market has pushed through resistance and ready to move higher. European banks are writing credit default swaps on eurozone debt.
- Sanctions Politics
The U.S. is tightening the screws on Iran over their nuclear program. The European Union is expected to follow. China is buying Iranian oil at a reduced price.
- They're Back
Merkel and Sarkozy are back in the headlines with demands on Greece and other eurozone countries. It looks bad for optimism!
- Rare Air
The market is trading in "rare air" at highs we haven't seen since August 1st. What is the source of optimism? We don't know but hold on.
- Change is in the Air
Obama is considering a "grand refinancing" plan for homeowners (voters). He needs to make a recess apointment to the FHFA and get back on the campaign trail.
- ECB Put
Italy and Spain sold debt this morning at low rates. The ECB money loaned at 1% for three years is coming into the market. We call it the ECB Put.
- I Have a Dream
The market is down today on reports that S&P will downgrade France's credit rating today. The market is closed to remember MLK on Monday. Has the U.S. won the "War on Poverty?"
- Optimism Reigns
The market is optimistic today, ignoring the credit downgrades to nine eurozone countries on Friday and the EFSF on Monday. Nicolas Sarkozy is behind in the polls for his re-election in April.
- Need More Money
The IMF wants to raise $600 billion dollars to help troubled countries in the next year. Greece needs more money to pay bills. Where is it going to come from?
What is Hypothecation and how has it changed the way banks deal with each other. Re-hypothecation is fractional banking on steroids. Lehman and now MF Global fell due to creditor demands.
- Low of the Year
The market has moved higher for five weeks in a row. When will it end? Next week.
- Turbulence Ahead
Greece has reached an agreement with bondholders, but the trioka has sent it back for more negotiations. The EU has cut off oil imports from Iran. Two aircraft battle groups have moved into the Arabian Sea.
- Destroying the Dollar
The U.S. has enacted sanctions against Iran and their bank. India and China appear ready to pay for crude oil with gold. Is the dollar still the world's reserve currency, if it is not used in commerce?
- A Box of Chocolates
President Obama gave us his State of the Union speech last night. A real box of chocolates. Like Forrest Gump's mom said "You never know what you will get."
- Hair Trigger Ben
The FOMC meeting concluded yesterday. The market interpreted Ben Bernanke's remarks as ready to start quantitative easing soon.
- Europe's Final Act
Greece continues brow beating private bondholders of their debt to take up to a 70% haircut, else the government may default. The ECB and IMF haven't volunteered a dime in write-downs. Gold and Silver ramp higher.
- Slowing US Economy
Friday's GDP numbers were less than expected, and were less than they appeared.
- CBO Doom & Gloom
The Congressional Budget Office (CBO) released their annual projections for budgets and deficits for the U.S. Venezuela repatriates 160 tons of gold this week.
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