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Wall Street Week Ahead: S&P to fly after wild ride to Wyoming
The streak is over, but is the trend intact?
A six-week string of gains in the S&P 500 (^GSPC) ended on Friday amid shifting expectations for central bank stimulus. This week could bring clarity on that issue, and that could determine whether the recent rally that took the index to four-year highs will persist.
Global markets rallied today on news that ECB President Mario Draghi stated that the ECB will do everything it can to bolster periphery credit markets. The street took the statement with a fair amount of skepticism but I didn't. Draghi is no EU bureaucrat from Brussels. He's a man of character who means what he says and he won't be bullied; especially by the Germans. The two LTRO's (Long Term Refinancing Operations) he implemented as ECB President prove my thesis. The Germans were not pleased with these operations yet he moved forward with them nonetheless.
In the not so distant past arguing that precious metals prices were setup to fall generally elicited a response which was not real pleasant. In fact, during gold’s infamous bull market rally on several occasions I called for pullbacks which regardless of the accuracy of my call generated hate mail that seemingly never ended......
The Fed, the S&P 500, & Why Gold Is Shining Bright
The S&P 500 & the Dollar Ahead of the Fed Statement
ECB Boosts Dollar Liquidity, Dollar On Downside Spike
ECB (European Central Bank) announced this morning that it had coordinated with the Federal Reserve, Bank of England, Bank of Japan, and the Swiss National Bank that it provide three U.S dollar liquidity operations. The news caused a sell-off and a downside spike for the U.S dollar. The EUR/USD jumped to the 1.3934 high which bring a sight of relief for the Euro bulls.