Always a decent sign when General Apple (AAPL) leads the market, trading up over $33 (6+ percent) including the move in after hours. Note the nice bounce off and failure to close below its the 100-day. There’s the next line in the sand.
The market got its mojo from China’s stimulus rumors and new policies ideas being kicked around in Europe to deal with the sovereign debt and banking crisis, such as parallel currencies, deposit insurance schemes, and LTRO III. One way to federalize the EU is through an FDIC-like deposit insurance fund. The European Banking Authority would need to have authority over all national banking systems, however.
The market seems oversold enough to bounce a little more but not flushed out for a more sustained rally, in our opinion.
The market giveth and the market taketh away. The market taketh away and the market giveth!
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