Right on time as a follow up to Sarkozy And His Incredible Shrinking Banks is this morning's story from the Modern Tokyo Times Is A Run Developing On French Banks.
Someone mentioned a bank run Wednesday morning on Twitter France, but I did not pass it around nor mention it lest it be a rumor. Good thing. This morning I found, from the WSJ, that French Banks May Sue Rumor Mongers. Not going to be me.
Anyway, here's the most telling part of the Modern Tokyo article, for me anyway:
Reminiscent of Lehaman’s (sic) boss, France’s Societe Generale bank boss went public saying ”To our clients, we have to tell them that these rumors are baseless and that they can have confidence in Societe Generale. They should not listen to this stuff, which is totally baseless.”
No comment. You decide.
I'd rather comment on the S&P. The futures are testing yesterday's highs at this moment (8:50am EST) and looking a little tired. I think the cash market rolls over a bit today and tests the overnight lows which would take it down into the sub-1160 area. If I'm wrong, watch the 1200 area.
I missed the buy on USDCHF last Tuesday while I was at the memorial service. It just completed a beautiful impulse pattern to the upside. The bottom may have been made.
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