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| Tables & Charts for Thursday, Jun 2nd, 2011 Posted: 02 Jun 2011 09:02 PM PDT |
| Bill Cara's Blog for Jun 2, 2011 [See Post-Close report] Posted: 02 Jun 2011 04:00 AM PDT CTA Trading Desk Morning Report The Banks index ($BKX) has been falling rapidly for about 100 days. The reason, I believe, is that sovereign debt ratings behind many of their investment holdings have dropped to junk status, requiring them to sell at market. Not being able to mark to fiction, we shall soon have the opportunity of seeing just how solvent many banks are.
Moody's has downgraded Greece to Caa1 from B1, saying the odds of default within five years are 50%. |
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