Banks are closed today for the Columbus Day holiday. Equity Markets are open and bond markets are closed except for futures trading, of course with no volume equities were pumped higher over the weekend. Of course higher markets come at the expense of a dramatically lower dollar, lower bonds, higher oil, higher gold & silver, and higher food prices.
Desperate people do desperate things, and man are they desperate in Europe. Bailouts, money printing, and bank nationalizations are flying all over the place. Belgium bank Dexia is being nationalized after passing Europe’s version of the “stress tests” which Dexia passed despite being leveraged nearly 30 to 1, the same as Lehman when they failed. In fact, Dexia’s debt portfolio is greater than the entire GDP of Belgium all by itself! Talk about impossible math. Now other banks in Europe are being nationalized as well – again making the people responsible for private mistakes, a complete and total breakdown of the rule of law. Dexia’s bond holders will supposedly receive 100% of their investment.
Meanwhile the people suffer, no real bailout for them, just more and more impossible math. No surprise then, that we see them finally take to the streets all over the world including the U.S.. None of what they are doing will have any helpful impact in more than just the short run, in fact their actions will only lead to bigger and nastier other events.
No economic data today and a pretty light economic calendar all week. Earnings, as trumped as they are, will begin pretty soon.
The market has gone basically straight up since receiving that VIX market buy signal early last week. Meanwhile “other events” in Syria begin to increase with more violence occurring there. Fukishima is a nightmare of historic proportions, just scroll down the headlines at the following link, and you’ll soon develop that nuclear nasty metallic taste on your palette: enenews.com
Economic News , Data & Views....March 23 , 2017....Quick Hits For Thursday -1) Markets : Asia - Economic Calendar For Friday , Market Moving News & Data To Consider ; US - US Major Indexes Down Marginally Today , Gold Down $3 to $1245 , WTI Down 35-cents To $47.69 , US 10-Year yields Up 1 bps To 2.41%. 2) US Politics : State Of Play On Repeal & Replace - HC ; Trump DC Hotel Found Not To Be In Violation Of Its Lease ; Trump Tweets Of the Day ; Additional Items To Consider. 3) Europe In Focus : Greece Updates For Thursday ; French Presidential Election News & Polling Data ; EU- Turkey Relationship Continues To Fray , Turkey Threatens To Review Ties With Europe After Turkey's April Referendum ; Germany - Political Updates - Chancellor Race & Saar Federal Election Sunday ; UK - London Attack Updates , Brexit Updates. 4) Libya In Focus - Another Huge Disaster On The Open Waters With As Many as 250 People Lost , State Of Political Play In Libya.
40 minutes ago