The Morning Morsel-Lipstick On a PIIG

Well thankfully for all of us the European crisis is over. Phew. That was the fastest recovery from a recession/depression/near death experience that I have ever seen. It only took a few days for their recovery to begin. The PIIG nations went from the cusp of disaster to happy times again.

All of the major European ETF’s rallied yesterday, EWP, EWG, EWQ and EWI all rallied like countries with a cure for cancer. The bullish rhetoric couldn’t come to this side of the pond fast enough yesterday with bullish and optimistic comments from leaders who know nothing about how to run an economy.

The European relief rally helped rally our markets yesterday and although many investors are still dazed and confused, they were happy to see a nice up day.

Spain is back on the front page today as rumors grow(again) that they will need a bailout. Surly those folks are conspiracy theorists. Their housing market has only collapsed and their unemployment rate is at a healthy 20%, but things are swell.

As of yesterday’s close, many of these ETF’s are technically bumping their heads against their respective 50 day moving averages. It will surely be interesting to see how long this relief rally in Europe will last……and ours.

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Wednesday, June 16, 2010
08:00 Brazil April Retail Sales
08:30 US May PPI, Core PPI, May Housing Starts, May Building Permits
09:15 US May Industrial Production, May Capacity Utilization
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
17:00 Colombia April Trade Balance
14:15 Fed’s Plosser speaks on bank resolution in New York. 17:45 Fed Chairman Bernanke speaks at conference in New York. Macquarie Securities Small and Mid-Cap Conference. 07:00 MBA Mortgage Applications. Trades Ex-dividend: EQR $0.338, SRE $0.39.
Before the Open: CSIQ, FDX. After the Close: IHS.
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