Oil, Greece, and a Bounce in the Markets

Thursday, June 23, 2011, 9:37 PM
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As expected, markets are beginning to act as if the world's largest money-printing experiment, QE II (quantitative easing), is really going to end. My views here, first expressed in The Coming Rout (March 8) and reiterated since, is that commodities will get hit first and hardest, then stocks, and then bonds, beginning with weaker issues first before progressing towards the center.

This process is unfolding right in line with my expectations.  The next few months may well prove to be far more interesting than your average summer, although my preferred time for real difficulties remains early fall.

To begin our coverage, the stock market was off to a truly horrible start today, plunging by a couple of hundred points (Dow) before finding a base, and then being 'rescued' by a late day rumor that the Greece situation had been resolved.

Here's the rumor:


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