Wednesday Outlook: International

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This is starting to become monotonous, but let’s have a peek overseas just for fun:

Bookmakers in London, Vegas and various trading pits in Chicago are taking bets whether today will be a plus 200 or down 200 day.

I’ll not mince words -- I don’t like the US position right now. It took a long time to reach this point on a bended knee, but that’s where we find ourselves. It will take a long time to change. Holler at me when you find some leadership regarding our pitiful energy dependent mess.

One thing is becoming obvious: these SWFs [Sovereign Wealth Funds] are shaping up to be serious players in financial markets. Will this be a good thing or not? Combine SWFs with activist central banks, trading desks and hedge funds and conventional investors are aligned against some powerful forces.

Disclaimer: Among other issues the ETF Digest maintains long or short positions in: SDS, TWM, USO, GLD, UDN, IEF and RSX.