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posted by Admin on Feb 8

Attention remains focused on the weakness of the Euro, with traders remaining skeptical about G7’s reassurances over Greek sovereign debt. The Euro is trading near 9 month lows against the US Dollar, with fears that the issues may not just be contained within Greece, but spread in to other weaker economies such as Spain and Portugal. The cost for insuring against default by Greece, Spain or Portugal has hit record highs.

Market News

Treasury Secretary Timothy Geithner stated that it was his belief that the US government “will never” lose its triple A credit rating.

In his interview with ABC News, Geithner also stated that he felt the threat of a double dip recession was less than before, albeit the recovery would be slow
UBS have lifted their 2010 GDP predictions for Switzerland to 2%
Japanese bank lending posted its biggest annual fall in more than 4 years as demand remained weak

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posted by Admin on Feb 8

This was one of the most volatile weeks the markets have had in quite some time. The markets began the week attempting to bounce from near term oversold conditions and rallying to the prior weeks highs. However, they gave way to steep declines on Thursday and most of Friday on a large increase in volume. By mid-day Friday, it seemed like the indexes would finish off the week at their lows but in the afternoon the bulls mounted a strong assault on the bears, firmly reversing the intraday trend. All the indexes finished with slight gains on huge volume, while trading well off their intraday lows and forming a candle pattern commonly referred to as a hammer.

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