How can Bernanke say that the U.S. is in recovery when things are getting worse...housing...unemployment...inflation...and that is after the Fed has thrown billions of dollars into the hands of the banks? And, how can he say that the second half of 2011 will be better if he doesn't know why things are worse? Hmmmm...my eyes are wide open...
The 4-hourly chartgrid below of GS, C, XLF & JPM shows that upward momentum has not resumed in the Financials in a meaningful way yet and that, in fact, the downtrend which began in the early part of this year is still in force in this sector:
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