Hank was trying to save the world yesterday. He shows his tenacity. I have worked under him, and his is the Greatest Secretary Treasury of all time.
Let us all, the TRADERS, the markets, show support for him.
Let Financial rise like it has never had orgasm before.
Meanwhile, USD would ride higher.
Over the weekend, I have told my readers my bottom for SPX is 1227, indeed not far from the low of 1225.(see Chart above)
Also, my forecast of Gold top at 985 is very close as well.
CL1 should drop to 110 if not 98.
Would expect Euro to drop back to around 1.5600 and wait there.
If you agree Euro would drop back to 1.5600 pls click on the Google Ads.
By the way, in Bernanke Testimony to the congress, he says he does not rule out intervention if the currency market gets out of control.
One of the rule of FOREX trading: dun stand in the way of the FED.
CHINA UPDATE: SUBPRIME IN CHINA NEXT------------------------------------
there are news coming out from China that home buyers in southern China city of Shenzhen bordering Hong Kong, are walking away from their home loans, when the house price has fallen significantly below their loan.
China Banks have the highest exposure to American Fannie May and Freddie Mac.
China is pondering slowing its Yuan appreciation, policy makers meeting this week. In order to boost export and save thousands small enterprises on the brink of bankruptcy.
Asian real estate, residential and commercial have rose to astronomical levels. Prices of prime units in Singapore has even exceed those if London, New York. Hot monies have poured into Singapore/HK/Shanghai snapping up assets and chasing prices. Hence Asia Real Estate is the next shoe to fall, then it would impact a long of Real Estates investment of JP Morgan, Lehman Brothers, GS, etc.
Soon we would see hot monies in Asia rushing for exit.
Hence, we may find a bout of USD strength b'cos of the falling Asia equities.
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