Ominous Signs Across the Pond
Although the economic data emanating from the U.S. has turned mixed in recent days, offering a few more positive prints vs. expectations, the pressure in Europe continues to build. In both 2010 and 2011, the Euro Stoxx Banks Index has proven itself to be the canary in the coal mine, especially in foreshadowing the sharp declines in U.S. indices that occurred in each of those summers.
Although the index has completely collapsed over the past two years -- literally cut in half since March 2010 -- European financial names rolled over well ahead of broad-based U.S. equity indices before each decline. Each time the financial index subsequently stabilized or mustered a bounce, U.S. stocks took off to the upside....876 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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