Meanwhile this morning Proctor and Gamble have guided earnings down again based on a lower growth number (2 instead of 4%). This is scary for the long only fund managers as they've hidden in consumer staples for months now. Look at the performance of McDonalds in the last 18months. If these start to turn south it could be ugly.
So there's your answer. The fed is not changing and therefore extends "Operation Twist" until the end of the year.
In fact the Richmond Fed Governor voted not to extend. Clearly the Fed is in this position where they want to keep something up their sleeve. Now everyone will wait until 2pm when big Ben speaks to the press.
Just when you though that was it for the day along comes the unelected fool from Brussels Rompuy talking about issuing short dated bills to help the situation.
I hate this guy. He represents no version of democracy that I know of. On top of that what do you think is going to happen to funding rates in Spain if they do issue these? Say after me . . . .
The game continues . . . .
The game also continues in the lead up to the Tour de France. I find it slightly Disengenuous this talk that Sky (Wiggins and Co.) are doping. Some people are calling them UK-Postal in reference to Armstrong's former team. I don't believe it. The extra scrutiny that we're getting these days on top of the fact that the Olympics are around the corner mean the chances of getting caught are just too high. Wiggins didn't do himself any favors by suggesting a new training regime was really giving them the edge. Shut up Brad.
You're the favorite, don't put extra pressure on yourself by getting crowds against you.
I think Wiggins and Evans are the obvious favorites. I like the Liquigas guys, though Nibali has probably got the experience over Sagan.