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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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Mon. Feb. 18 ~ U.S. Markets Closed for Presidents' Day
* Wed. Feb. 20 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. Feb. 21 @ 3:30 am ET ~ German Flash Manufacturing PMI (watch for a hold below 50)...N.B. Jan. 24 PMI came in at 49.9 (now in contraction mode)
* Tues. Feb. 26 @ 8:30 am ET ~ Core Retail Sales Ex Autos m/m & Retail Sales m/m
* Wed. Mar. 6 @ 2:00 pm ET ~ Beige Book Report
* Fri. Mar. 8 @ 8:30 am ET ~ Employment Data
* Tues. Mar. 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Mar. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...