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The verdict is nearly in; there will be no QE3. The second round of quantitative easing (“QE2”) will expire at the end of this month, and while it will not be unwound for quite some time, the Fed has indicated that it will not be followed by yet another round.
http://www.forexblog.org/2011/06/no-qe3-what-are-the-implications-for-the-dollar.html
"It's not going to be possible in the next decade. We've lost the chance," Geithner told a conference in New Hampshire.
"China will be a buyer of Hungarian gov. bonds and remains a long-term investor in European debt markets." - Chinese Premier Wen Jiabao
Next week will be the final trading week for the month of June. Problems continue to escalate in Greece and the rest of the Euro-zone nations at this time. If Greece gets cleared up over the weekend, or sometime in the near future, there will be another nation right behind it that will need a bailout. This certainly looks like it is going to be a very bumpy and turbulent summer for the markets. Investors must now come to terms with the fact that this is going to be a traders market for the rest of the year. This is a period where those who know how to take advantage of the short term moves in the markets will make millions. On the flip side, those who think they can simply step into the markets with minimal knowledge and make millions will lose everything. Avoid the pitfalls by joining the Pros, look over their shoulder as they trade, have them guide you to profits. Our Intra Day Stock Chat will bring any trader instantly to the level of Pro. Start your Free Trial here, begin next week with the Pros on your side. If you are looking for the exact swing trades, or the positions the Pros are holding for multi day swings and more expert guidance then the Research Center is your one stop shop. Start your Free Trial of both services here and leave the rest behind.
"How could I have done this? I was making a lot of money. I didn’t need the money. Am I a flawed character?”“I realized from a very early stage that the financial market is a wholly rigged job. There’s no chance that investors have in this market.”
“It’s unbelievable. Goldman-- no one has any criminal convictions. The whole new regulatory reform is a joke.The whole government is a Ponzi scheme.”
Some violent moves today thanks to the aftermath of Bernankes speech yesterday then the Greek bail out anouncement this afternoon.
As I mentioned in last nights post, this correction could turn into a triple zig zag and that is what I think is happening. We have moved down to the bottom of the old channel (if you ignore the preceeding expanding triangle which overshot it).
I think we will see a rally up to the top line to form wave B followed by another sell off to the bottom line to form the last wave C. After that there MUST be a big rally as there is no such thing as a quadruple zig zag! So some violent ups and downs to come (reminds me of that day out at Drayton Manor with the kids a couple of weeks back!)
One last thing ... the wave A today may not be finished as we have a potential new lower trendline thanks to that exp triangle. I will continue to count the waves and try to assess what is happening next few days.
& Daily.....
