Home > Uncategorized > 2012/08/21: Quick Post: Weekly Calendar and Perspective Now Available

2012/08/21: Quick Post: Weekly Calendar and Perspective Now Available

© 2012 ROHR International, Inc. All International rights reserved.

The weekly Report & Event Calendar is available through the link in the right hand column along with this week’s Summary Perspective on Key Influences. All we could say was ’Kick the Can’ seems to be working very well.  For all we have our reservations about the extended viability of the US (and now European) equities rally, it is a wonder to behold. We offer our compliments to ECB President Draghi on the outstanding spin he attached to supportive comments on the euro in London.

While clearly stating the European Central Bank will “do whatever is necessary” to save the euro, he quickly backed off at the following Thursday’s ECB press conference to make sure everyone also heard the caveat “within our mandate.” What a wonderful canard by which to flip the whole matter back to the political class regarding the nature of that ECB mandate. And by clarifying the political steps necessary to allow the ECB to act, he also left a much clearer path to potential resolution…

…or at least the availability of a much larger liquidity BandAid for a still very contentious overall solvency problem. And that latter issue is the ultimate dilemma that must be resolved. However, by espousing such extensive support right into the summer holiday season he also managed to foster an extended negotiation window during which it is not possible to get any more negative on the global economy based on a crisis in Europe.

So the equities get to enjoy a holiday hiatus of the likes they have not experienced since 2009. Yet, is it real, or just another Euro-zone mirage?One aspect we continue to note is the breathtaking lack of detail.

But that is for another time. For now, enjoy the read and research on the upcoming events and technical tendencies. The latter have reinforced all of our recent expectations for equities being the ‘Energizer Bunny’ of asset classes, as they just ‘keep going and going’… at least until today when all the euphoric news on the alleged ECB mandate to buy endless mounds of distressed peripheral debt drove the S&P 500 to a new 4-year high, only finish lower.

A minor reversal to be sure. Yet, just the sort of thing that occurs during exhaustion phases. These psychological “bad news is good news” phases are always so interesting!!

Thanks for your interest.

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