All things considered it was another volatile day with another large swing in stock indexes. (The DJIA swung roughly 200 points) The HFT-driven rally in the afternoon was led primarily by rumors of some resolution in Italian political rule and debt. Also rumors of a new Greek government leadership coalition were making the rounds.
Despite some nervous optimism over Italy and Greece the trend in Europe is toward recession. The chart below shows the disintegration of a key recession determinant--Retail Sales.
Subscribe to our RSS feed