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Outlook for European TARP

October 16, 2011
What Winston Churchill said about America—that it can be counted on to do the right thing after it exhausts the other alternatives—seems equally applicable to Europe. It is slowly but inexorably moving toward its own version of TARP—the U.S. “toxic asset relief program”. Rather than sub-prime mortgages and related derivatives, the toxic assets in …
Outlook for European TARP Outlook for European TARP Reviewed by Marc Chandler on October 16, 2011 Rating: 5
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Fed's Custody Data

October 13, 2011
The Federal Reserve has long competed with the private sector in offering foreign central banks custodial services (yes Brown Brothers Harriman, my employer is offers custodial services to a wide range of asset manager). The Fed reports its holdings every Thursday. Today it reported that custody holdings fell by $21 bln in the week through Wed.
Th…
Fed's Custody Data Fed's Custody Data Reviewed by Marc Chandler on October 13, 2011 Rating: 5
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Consolidation Emerges

October 13, 2011
Since October 4th low through yesterday's high the S&P 500 has rallied almost 14%. In the same time the euro US Treasuries have fallen for six consecutive sessions before today. Some popular technical retracement targets of the down late summer down move have been approached and it should not be surprising for the markets to consolidate a …
Consolidation Emerges Consolidation Emerges Reviewed by Marc Chandler on October 13, 2011 Rating: 5
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Watch Italy

October 12, 2011
The domestic machinations in Slovakia will soon be resolved and passage of the EFSF reforms remains the high probability scenario. The bigger political risk may lay with Italy today.
After losing a vote that seemed largely a formality yesterday (approving last year's government balance sheet), Prime Minister Berlusconi is under pressure to hol…
Watch Italy Watch Italy Reviewed by Marc Chandler on October 12, 2011 Rating: 5
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Currency Correction Continues, Greenback Drops

October 12, 2011
The extreme market positioning leaves many long dollar holders in weak hands. The longs tried making a stand, but it has been rebuffed and the dollar is falling victim to profit-taking and stop-loss chase. Both sterling and the euro have posted new legs higher today to extend the correction that began last week.
At $1.5785 it has retraced a 38.2% …
Currency Correction Continues, Greenback Drops Currency Correction Continues, Greenback Drops Reviewed by Marc Chandler on October 12, 2011 Rating: 5
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