Weakness confirmed from top to bottom got a one day reprieve to play make believe the U.S. banking system largely is insulated from the imploding euro-zone...
The top in question was last Wednesday's, and the bottom was today's. Prior to bouncing today there was no sign whatsoever suggesting that, the buy side was gaining sway. In fact quite the opposite, and at every intra-day interval. That is why today's collapse at the open should not be seen some manner of capitulation. Nothing indicative of accumulation preceded it.
Rather, today's turnaround represents little else than a moment to play make believe, and pretend time alone can heal the banking system's mortal wounds. All day today the joke about the "better" financial state of U.S. banks was promoted, as though these pigs haven't long been an albatross pressuring most varieties of toilet paper lower. As though a big lie at this point could stop the trans-Atlantic banking system's slide into the abyss! Europe is finished and just like 1930 is poised to take the bullet delivering the coup de grace to the fraud rife, imperialist scam originating once again in the City of London.
As soon as the German Constitutional Court rules that, the German constitution forbids the nation from any foreign engagement effectively making it a transfer union (remember the Versailles Treaty?), the EMU's disintegration will accelerate with haste, as will collapse of the trans-Atlantic banking system.
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