July 27, 2013
Weekly Market Outlook
By Keith Schneider
Former head of the International Monetary Fund and French presidential hopeful, Dominique Strauss-Kahn, was charged with "aggravated pimping" this week in yet another sex scandal for this once all powerful French finance minister. Rumors are that his lawyers are building his defense case by claiming that he was just out on the street looking for work since he lost his job at the IMF over an earlier sex scandal that erupted in New York.
For a quick review, The IMF was created after WWII, to help nations build economic stability, oversee the world financial system and support global growth by building monetary cooperation among its 188 member nations. Members have special drawing rights primarily based on economic power and their contribution to the fund.
Although one can't place the blame of the entire financial meltdown on Kahn, It's not surprising that the mega financial screw-up also occurred on his watch. It certainly begs the question of whether or not the inmates are running the asylum and I'm not sure I want to know what he was thinking as events spiraled out of control in 2008.
One thing for sure, the next major move by the financial markets is going to be determined by when and how fast the Fed moves to slow down its easing. This week the equity markets waffled and basically closed sharply unchanged based on gyrations in the bond market.
This week's video we will cover the yield curve and a classic chart pattern in AAPL.
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