Morning Reading – Tuesday, February 1, 2011

The Big Picture: Fusion IQ Technical Overview

The Slope Of Hope: For The Sake Of Tim’s Sanity

The current market action is eerily similar to that of the April 2010 highs and subsequent correction. Granted Fed QE is still in operation unlike April, yet POMO is beginning to show less ability to move markets.  The key comparisons are as follows:

+ In both run ups to the high, the middle bollinger band was not tested until just before the top was in.

+ Both runs up did not touch the lower bollinger band at all during the move up.

+ Both tops showed massive divergence on the MACD

FT Energy Source Blog: Oil hits $100/bbl

It was bound to happen at some point. Today, four weeks into the new year, Brent crude did what it hasn’t done since 2008: topped $100 a barrel.

FT Alphaville: Oil spikes, shocks and stocks

With oil on the rise, what next for equity markets?

That’s the question KBW try to answer in a note out on Monday. The analysts look for correlations over the last 50 years between big (ten and 20 per cent quarter on quarter) WTI rises and changes in the S&P500 and the Keefe Bank Index.

FT Alphaville: Another Egypt downgrade – S&P cuts to BB

Just when things were beginning to look up for Egypt…

… Standard & Poor’s has followed Moody’s and downgraded the country’s ratings.

FT Alphaville: Remittances to Egypt

We were struck by this chart showing the components of Egypt’s current account (im)balance.

FT Alphaville: A conspicuously absent ECB

What can one read into the fact that the European Central Bank suspended its purchases of (mostly peripheral) eurozone government bonds last week?

FT Alphaville: More on the bank business lending recovery

We mentioned last week that bank business lending in the US had finally begun to recover, if weakly, after precipitous double-digit declines during and after the recession.

Today’s release of the Q4 senior loan officer survey from the Fed offers a bit more reason for having confidence that this will continue…

FT BeyondBRICs: Food drives Indonesian inflation again

Indonesia’s central bank has come under greater pressure to hike interest rates when it meets this week, after inflation data surprised on the upside for a third consecutive month. Headline inflation rose to 7 per cent in January, driven by a 16 per cent surge in food prices.

Calculated Risk: Q4 2010: Homeownership Rate Falls to 1998 Levels

The Census Bureau reported the homeownership and vacancy rates for Q4 2010 this morning.

Economix: The Haves and the Have-Nots

That is, the typical person in the bottom 5 percent of the American income distribution is still richer than 68 percent of the world’s inhabitants.

Reuters: Gold premiums highest since 2004; India, China stock up

Gold bars were quoted at a premium of $4 an ounce to the spot London prices in Hong Kong, its highest level since Reuters began compiling the data in 2004, up from $3 last week.

CNBC: Why Is Wall Street So Addicted to Prestige Colleges?

A recent paper by Kellog management professor Lauren Rivera “uncovers” something most of us already know: elite investment banks, consultancies and law firms are education snobs.

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