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By David DeGraw, AmpedStatus
What if the greatest scam ever perpetrated was blatantly exposed, and the US media didn’t cover it? Does that mean the scam could keep going? That’s what we are about to find out.
I understand the importance of the new WikiLeaks documents. However, we must not let them distract us from the new information the Federal Reserve was forced to release. Even if WikiLeaks reveals documents from inside a large American bank, as huge as that could be, it will most likely pale in comparison to what we just found out from the one-time peek we got into the inner-workings of the Federal Reserve. This is the Wall Street equivalent of the Pentagon Papers.
MOSCOW — Russia and China are poised to take a small but symbolic step in their expanding economic relationship, a move that in the long term could make the dollar less relevant to business between the two nations.
On Wednesday, a Moscow securities exchange opened direct trading between the Chinese currency, the renminbi, and the Russian ruble. If the market develops, it could eventually cut the dollar out of a portion of Russian and Chinese trade.
Although China’s business with Russia is only a sliver of what it does with the United States, there is room to grow: Russia is the world’s largest energy exporting nation, and China a big consumer as the world’s second-largest economy, behind the United States. And yet when a railroad tanker of Russian oil crosses the border into China, the transaction is settled in dollars.
The new currency exchange is meant to start changing that. The trading system will operate through the Moscow Interbank Currency Exchange, or Micex, which is Russia’s largest stock exchange and also handles foreign currency transactions. It will be the first trading in the Chinese currency outside mainland China and Hong Kong.
“We are pioneers,” a Micex spokesman, Nikita N. Bekasov, said in a telephone interview. In the long term, if other nations moved in the same direction, trading in renminbi outside China could diminish demand for the dollar. Chinese companies exporting to Russia or other countries could instead buy local currency directly, without the need for dollars as a common currency to conduct their business.
Initially, the Micex renminbi-ruble session will last one hour each morning, timed for trading with banks in Russia’s Far East near the Chinese border, many time zones ahead of Moscow.
“It has symbolic value,” said Peter Westin, the chief economist at Aton, a brokerage firm in Moscow.
The development coincides with the opening of a trans-Siberian oil pipeline that is expected to expand Russia’s trade with China by freeing up railroad capacity for exports of coal, metals or other commodities, and could make it easier to do business along the remote border.“If China places some part, even a small part, of its reserves in rubles, this is a major boost to the global fortunes of the ruble,” Yaroslav Lissovolik, chief economist at Deutsche Bank in Moscow, said in an interview.
Mr. Sperandeo was inducted into the Trader Hall of Fame. He is a professional trader with over 40 years of experience on Wall Street, trading numerous markets. He has traded independently for, among others, George Soros, Leon Cooperman and BT Alex Brown
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/12/15_Victor_Sperandeo.html
The book reflects Steenbarger’s extensive background in mental coaching, trading, psychology, and teaching. He has authored two other books on trading psychology, he coaches hedge fund traders, he is an associate professor at SUNY-Syracuse and he holds a Ph.D. in clinical psychology, all excellent credentials for the author of a book that goes down this heady path.
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December 16, 2010 11:24 ET: US-GERMAN 10 YR YIELD SPREAD (US minus German) breaks further above its 200-day MA) for the 1st time in 5 months (see chart http://chart.ly/ 2hkhsyi ) The daily chart shows the spread has formed a possible Head & Shoulder formation, with the right shoulder around 45-50 bps, which means that a CLOSE ABOVE 50 bps would be necessary to invalidate this potentially bearish formation. Some may say a close only needs to be above 0.43-0.44 bps for the shoulder to be broken. So while the media emphasis is on soaring US bond yields, we must focus on the US-GE spread, whose daily correlation with EURUSD stands at -0.80. My bearishness on EURUSD remains intact since Nov 23 as all of the technical conditions have held up (55-WMA and Nov trendline). I first mentioned $1.27 in this video (after 4:00 mins) http://bit.ly/ ePEvbf and highlighted the importance of bond yields on this Dec 1st CNBC interview http://bit.ly/hjjlZB
December 16, 2010 14:44 ET: WHEN ALL IS SAID & DONE, EURUSD' s November candle is the BIGGEST bearish monthly REVERSAL since the creation of the currency. There were only 3 of such major monthly reversals since Jan '99. Read carefully, I said bearish REVERSALS, i.e. an opposite move occuring at the TOP of the uptrend. And we all know what significant reversals mean (both bearish & bullish reversals).
