For the past few weeks, the financial market has been getting most of the attention between the Obama speeches. The U.S. President is working hard to “fix” the system and make the world a better place:
President Obama vowed Sunday to pursue the elimination of nuclear weapons from the planet, telling a cheering throng in Prague that the United States is ready to lead an international effort to reduce atomic arsenals and the threat they pose.
This quote from an article at L.A. Times by Christi Parsons and Tom Hamburger is very pleasing to the ear and may help bring stability and boost the market on Monday. But this series of good, great and better news interleaved with a rally in the financial sector may soon take us back to reality. Analysts are digesting the new rules like the “mark-to-market” accounting method that is supposed to save the Financials but may as well be an other evil plan ready to explode. Looking at the XLF ETF, it looks like the Financials are ripe for a pull-back in the next weeks:
The next week is going to be an interesting one: I’ll be watching FAZ closely.
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