One swallow does not a summer make and one rally Wednesday does not break a bear market. US equities continue to get hammered today, falling 3.5% at the moment, weighed down by the usual banking fears and worries that the US is flushing billions down a rat hole in trying to prop up GM and Chrysler. Citi just gave the market a new meaning for breaking the buck, slipping below $1 per share.
Also wighing on the markets are concerns that the Obama has no answers for what ills the economy. In fact their prescriptions will do more harm than good, Wall Street believes. Here is an indictment of the Obama economic team from Charlie Gaspirino.
EUR/USD trades now at 1.2725.
