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Poor Week for Euro, Good for Yen and Aussie

November 09, 2012
Euro losses have been extended.  It is making new lows for the week.  In fact, the single currency has traded below the previous day’s low for the seventh consecutive session. The slightly less than 1% decline on the week makes is the worst performing G10 currency.   There are three considerations

First, the Greek saga continues.  It again appears…
Poor Week for Euro, Good for Yen and Aussie Poor Week for Euro, Good for Yen and Aussie Reviewed by Marc Chandler on November 09, 2012 Rating: 5
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Great Graphic: Flows into Equity Mutual Funds and ETFs

November 08, 2012
This Great Graphic comes from Barry Ritholtz's Big Picture blog.  He appears to have gotten the chart  from Bianco Research  
It shows the flow of funds into domestic US mutual funds and ETFs (blue bar) and into foreign equity mutual funds and ETFs (red line).  
It confirms what has long been suspected--money is leaving US equities and the fa…
Great Graphic: Flows into Equity Mutual Funds and ETFs Great Graphic: Flows into Equity Mutual Funds and ETFs Reviewed by Marc Chandler on November 08, 2012 Rating: 5
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US and Europe in Focus, but Don't Forget about Japan

November 08, 2012
With the ECB meeting, Greek vote, signs that the German locomotive is moving in reverse, and the continuing wait-on-Rajoy, Europe is rightly in the cross hairs.  
The US election also does not do much to push the world's biggest economy out off center stage as the fiscal cliff is looming and the key actors have not changed.  The seeming willi…
US and Europe in Focus, but Don't Forget about Japan US and Europe in Focus, but Don't Forget about Japan Reviewed by Marc Chandler on November 08, 2012 Rating: 5
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Event Risk: The Spring Begins Uncoiling

November 07, 2012
One of ourkey interpretative pointswas to place emphasis on what appeared to be a contradiction between the significant event risk here in Q4 and the low implied volatility in the capital markets, in particular the S&P 500, the euro and yen at the start of the quarter.  We expected the contradiction to be resolved in the favor of greater vola…
Event Risk: The Spring Begins Uncoiling Event Risk: The Spring Begins Uncoiling Reviewed by Marc Chandler on November 07, 2012 Rating: 5
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ECB Preview: Watch Greece and Spain

November 07, 2012
The ECB is not likely to cut interest rates at Thursday’s council meeting. The focus, as is often the case, will be on the press conference. Here two countries will likely dominate the discussion Greece and Spain. 
In recent weeks there seems to be greater disagreement among the Troika on how to address the obviously unsustainable Greek debt bu…
ECB Preview: Watch Greece and Spain ECB Preview: Watch Greece and Spain Reviewed by Marc Chandler on November 07, 2012 Rating: 5
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Brief Thoughts on the Price Action

November 06, 2012
Turnaround Tuesday was not all that convincing.  The correction really took on more of the appearance of consolidation.   Renewed dollar gains look likely, regardless of the electoral results, which are still not known at this juncture.  
The lifting of the event risk posed by the election is likely to be over shortly and this is good news for in…
Brief Thoughts on the Price Action Brief Thoughts on the Price Action Reviewed by Marc Chandler on November 06, 2012 Rating: 5
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Unlikely Day for Turnaround Tuesday

November 06, 2012
The US dollar is consolidating its recent gains with a most unlikely backdrop.  European data was much weaker than expected.  The Greek parliament vote on reforms and the 2013 budget look like cliff hangers.  With national polls pointing to a statistical dead heat, the US presidential election is thought to be coming down to the wire.  Legal mane…
Unlikely Day for Turnaround Tuesday Unlikely Day for Turnaround Tuesday Reviewed by Marc Chandler on November 06, 2012 Rating: 5
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