ABC correction is over or is extending. Back testing the "neck line" - needs a push.
[EOD] Stocks -
Whispers of "Global TARP" - Nikkei reports G20 to funnel $600bn into IMF to backstop the European sovereign debt crisis.
It would not be a surprise if the report is accurate. In Talk and Action (12/2/11), we observed that "
Theoretically speaking, the U.S. Fed is likely the only central bank that can carry out effective quantitative easing at the moment. (To a lesser extent, IMF could act as a conduit of funneled money.) Japan comes as a distant second and investors should forget about direct and effective ECB quantitative easing at the moment. From this perspective, it's not surprising that the Fed is "shouldering" some of the international burden."
How come that it is easier to get G20 countries to take actions than to get EMU nations to do so? - printing.
count update - no change from the 340pm entry.
(Subjective) primary count is for a expanded flat decline which is still missing wave [c]-down.
[340pm] count update (SPX, INDU)-
primary count is at least one more wave [c]-down in SPX or wave [c]-down / wave [e]-down in INDU, until proven otherwise. See charts.
P.S. Triangle in INDU just invalidated. So wave [c]-down in both SPX or INDU, until proven otherwise.
[7am] DAX, ES update -
DAX remains range-bound and ES is wedging up.
