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This is the news report that rallied US stocks this afternoon.
And we might suspect that this is the root cause for the major bear raid on gold that occurred earlier today.
The Guardian UK
France and Germany Agree to €2 Trillion Euro Rescue Fund
By David Gow in Brussels
France and Germany have reached agreement to boost the eurozone's rescue fund to €2tn (£1.75tn) as part of a "comprehensive plan" to resolve the sovereign debt crisis, which this weekend's summit should endorse, EU diplomats said."
After the bell Yahoo and Intel both showed positive results with Intel increasing its stock buybacks.
Waiting for Apple.
Update: Apple missed! The shortfall was in iPhone shipment and iPads/iPods.
But they then RAISED their forecast for next quarter. This could be a sales effect, shifting
buying from this quarter to next based on buyers waiting for new models.
'Cap and trade' is already here in the metals markets, at least during the London-NY trading day.
They cap the rallies and then trade the market down, in a sweeping manner to churn and burn.
I came into today long bullion and short broad stocks, with a little bit of a heavier foot on the short side, so it 'worked.' I did lighten up a bit but still went into the close with the same paired trade, but less short and more balanced to the metals.
A down day but not so much as a whisper of panic in the markets, more like the sound of a wash and rinse, as prices stayed carefully within their trading channels.
Earnings are coming in somewhat mixed, with the financials looking to accounting tricks to soften the blow of their downsizing from prior bloated levels.
VIX was elevated a bit, and we may have another leg down ahead of us.
The sorry state is that if the stock market were to improve, perhaps from some monetary sleight of hand, it is highly unlikely that this will carry over and be reflected in the real economy. This is how badly the US financial system has become self-serving and distorted from a healthy role in capital allocation and distribution.
CROX guided lower after the bell, and the stock is being hammered, now down by over a third.
The markets have become a killing ground for the insiders and trading desks, and an abbatoir for the common person and the middle class who send their savings and pensions there to be slaughtered.
Hard time's is here
And everywhere you go
Times are harder
Than there ever been before.
You know that people
They are drifting from door to door
But they can't find no heaven
I don't care where they go
People, if I ever can get up
Off a this old hard killin' floor
Lord, I'll never get down
This low no more.
Um, hm-hm-hm
Hm, um-hm
Hm, hm-hm
Hm, hm-hm-hm
Well, you hear me singing
This old lonesome song
People, you know these hard times
Can't last us so long
You know, you'll say you had money
You better be sure
But these hard times gonna kill you
Just drive a lonely soul
Skip James, Hard Time Killin' Floor Blues
