February 22, 2012
A quick glance at most of the headlines over the weekend and the primary focus seemed to be either calling a near term top in domestic equity indices or a focus on the Greek debt situation. Why is anyone even paying attention to what is going on over there? Until the ISDA declares a default where the underlying Credit Default Swaps (CDS) are triggered, it is all just noise.
The ECB has broken the rule of law by placing itself as the senior creditor ahead of private creditors, the Greek government is trying to pass retroactive legislation to trap private sector creditors holding out of the PSI, and the leader of Greece was not even elected by the people of Greece – how much more manipulation and insanity do we need to monitor? More...
More Top Stories:
Oil rose to the highest level in more than nine months after euro-area finance ministers agreed on a second bailout for Greece and Iran said it stopped selling oil to France and Britain.
Prices gained as much as 2.1 percent after the ministers awarded 130 billion euros ($173 billion) in aid, wrung concessions from Greece’s private investors and engineered a profit transfer by the European Central Bank. Iran stopped selling oil to the two countries yesterday to preempt a European Union ban, according to an official news website. More...
Copper and gold gain after China easesNEW YORK (MarketWatch) — Copper and gold gained Monday after China cut reserve requirements for lenders and markets anticipated that European finance ministers would approve another loan for Greece.
“The metals and markets in general have been boosted following the cutting of reserve ratios in China,” William Adams, head of research at FastMarkets.com, wrote in emailed research.
“Given the emergence of more quantitative easing the weight of money is likely to remain a bullish factor so although we don not feel the fundamentals justify these high price levels, it is likely to take a catalyst to trigger a more meaningful correction,” he added. More...
