Asian and European stock markets rallied on news of mass-credit downgrades and a slowing Chinese economy. The reason, downgrades were priced in and the Chinese GDP is slowing down less than expected. That may sound like tosh as estimates are not necessarily as relevant as trends i.e. growth or slow-down, increase in revenue and earnings or growing profit via cost cutting in quarterly revenue declines. If momentum has anything to do with it, rate of change and the relative strength indicator on the DJI both have declining readings which could indicate a rally slowdown.
• CBS: Last day for free financial advice from Kiplinger and NAPFA
• CNN: Gasoline could reach $5.00 per gallon in some locales
• Occupy: Occupy movement to compound on Capitol Hill today
• Reuters: EFSF downgraded by Standard & Poor's
• Zero Hedge: ECB may boost LTRO to €1 trillion in near future
• Bloomberg: European banks to lower dividends to raise capital
• CNBC: European Hedge funds warn of cooling Chinese economy
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