It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Luckily, with the European Union and United States springing into action to stave off a financial disaster, markets on Wall Street are expected to follow global trends and surge throughout the day. The Dow Jones Industrial Average had gained a staggering 400 points within one hour of the opening this morning. If New York can maintain this pace they may easily make up for last week’s collapse, but in this uncertain environment it is hard to project.
The primary motivation for this huge boost on U.S. and global stock markets, according to Bloomberg News, is a $960 million loan plan set aside by the E.U. to save Greece and the region from a debt-induced collapse.
According to CNNMoney.com, the U.S. Federal Reserve will join the European Central Bank, and the Bank of Canada is bailing out the region and attempting to prevent a return to the 2008 crisis mode. This nearly $1 trillion rescue will likely be seen by the average person as yet another bailout of the financial fat cats.
Unfortunately, given the current state of our economy these financial fat cats are vitally important. Allowing a market collapse would destroy the wealth and savings of the American people and put this nation in an even deeper hole.
Originally posted by Hx3_1963
EEEWWW...
EUR breaks under 1.28...it could get ugly...that was mentioned as a first support level...
finviz.com...
GBP holding near days low also after Gordan Brown resigns...
finviz.com...
[edit on 5/10/2010 by Hx3_1963]
‘Shock & awe’ drive markets but is Europe’s crisis over?
Jim Sinclair www.jsmineset.com...
The problem with "Pretend and Extend" is that each time the cost of Pretend goes up, the time period of extend goes down.
1. When the Dow is down 500 points in the blink of an eye this is bad and needs to be investigated. Market orders are bad in this flash crash!
When the Dow is up 500 points in the blink of an eye this is good and congratulations are in order. Market orders are good in this flash boom!
Fed Restarts Currency Swaps as EU Debt Crisis Flares (Update2)
By Scott Lanman and Craig Torres
May 10 (Bloomberg) — The U.S. Federal Reserve will restart its emergency currency-swap tool by providing as many dollars as needed to European central banks to keep the continent’s sovereign-debt crisis from spreading.
The swaps with the European Central Bank, Bank of England and Swiss central bank will allow them to provide the “full allotment” of U.S. dollars as needed, the Fed said late yesterday in a statement in Washington. A separate swap line with the Bank of Canada will support as much as $30 billion, the Fed said, and the Bank of Japan said it approved reactivating its U.S. line. The swaps were authorized through January 2011.
The immediate battle may have been won. The markets will rally and the panic will abate. Yet investors will pick away at the real issues in the next few weeks until we are back where we started. And next time around, there won’t be anything left to throw at the problem.