Thursday, August 4, 2011

International Upheaval Leads to US Schwoonage

The Bank of Japan intervened last night with their currency, and it rebounded a full 300 points.  The real fun however, was with the FTSE MIB exchange in Italy, which plummetted, was halted for awhile, then fell another 5% after it re-opened.

Watch for a bank run or bank holiday soon on the penninsula of pasta and saints.

Subsequently, the US markets decided to capitulate to levels not seen in nearly a year as the DOW was down more than 400 points, and the S&P is just 17 points from going below 1200.

Gold and silver have been shaken a bit with massive margin calls, and once again, potential margin hikes by the CME.

As Maria Bartiromo says... "were off the lows"

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