© 2012 ROHR International, Inc. All International rights reserved.

The Weekly Report & Event Calendar is now available through the link in the right hand column. The focused comments below it are already available as well in the calendar section as the now regular weekly Summary Perspective on key influences. We hope you find that useful as well.

For those of you who have not already seen it, there is a lot of emphasis on Wednesday and Friday this week. However, as opposed to last week’s clear focus on Thursday’s 10 year Obligaciones (Spanish government bond) auction, this week has critical influence into and after Wednesday’s FOMC rate decision, statement and projections that are followed by Mr. Bernanke’s press conference. It is not a US Payrolls Friday this week, but the cumulative effect of the Friday economic releases are likely to be equally as influential…

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© 2012 ROHR International, Inc. All International rights reserved.

The Friday pressures are sometimes so daunting it occurs to us that a lot of our readers might also like a retread at the weekend. Voila!As most of our analysis is geared toward forward views on what’s next, it seems that by Friday we do not have a lot new to say, and a bit of short term retrospective and glance at what’s coming up seems useful.

This will not in any way supplant the Weekly Report & Event Calendar or Summary Perspective into Monday, which will be forthcoming. It will more so serve as a review of some of the most influential aspects of the previous week. A debriefing of sorts on some of the more interesting aspects and ideas.

First and foremost among these last week was the fact that the earth did not open up and swallow the Euro-zone due to a bad Spanish 10-year government debt auction. And that’s because the auction actually went fairly well. While the higher yields necessary to attract ample bids were not a net positive, they remained well below the ostensibly critical 6.00% threshold (at least for now.) And the bids were indeed ample at more than twice the high end quantity of the original offering plan; which allowed Spain to actually raise a bit more funding than was expected.

So, once again the Euro-zone can sardonically declare… 

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 © 2012 ROHR International, Inc. All International rights reserved.

The full calendar is available through the link in the right hand column. The focused comments below it are already available as well in the calendar section this week as Summary Perspective on Key Influences. We hope you find that useful as well.

For those of you who have not already seen it, there is a tremendous focus on Thursday this week. Whatever happens prior to that, it will pale by comparison to the Spanish 10 year Obligaciones (government bond) auction. It is a binary decision: It is either going to be very good for the upbeat, bullish equities outlook if it goes well; or very bad if it goes poorly…

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© 2012 ROHR International, Inc. All International rights reserved.

Short & Sweet today, as we simply want to a value of courtesy access to this morning's full institutional TrendView Brief Update. It revisits some of the points that we covered previous on central banks still being in easing mode in Wednesday's blog post. It also has other comment and link outs to another supportive aspect for equities: the beginning of earnings season.

On the negative side, there is a discussion of this morning's US bank earnings announcements that segues into review of the global banking environment with a highly informed source. It also includes the latest update to the concise technical comments on the equities trend and other asset classes.

As such, there are neither any General Market Observations nor EXTENDED TREND IMPLICATIONS in today's post. All of that is covered in the TrendView Brief Update. Enjoy the read, and especially the extended content in the linked article and video.

Thanks for your interest.

© 2012 ROHR International, Inc. All International rights reserved.

Short & Sweet on the specific market comments in this post. That’s because we are mostly revisiting the key factors noted in Monday's post on why the equities are NOT likely turning into a sharp directional reversal of the early year up trend. As noted at that time, there will more likely be further filling out in a more convincing top between the mid-1,300 and low-1,400 areas than any further sharp capitulation.

In the first instance, without a new trading high of any substance in the June S&P 500 future last week (i.e. only marginally above the previous week’s 1,415.50), there is not even a bona fide pattern top in place. Across time the equities might still be topping out. Yet, the seasonal phase and significant support below the market indicate any major trend reversal will most likely occur on a ‘trading’ basis. There will more likely be some further filling out in a more convincing top between the mid-1,300 and low-1,400 areas than any further sharp capitulation.

And there are a couple of wild cards out there, one of which has already been confirmed as the likely market reality. In spite of Signore Draghi's less accommodative tone at last week's post-rate decision press conference, it has already signaled this morning that the ECB stands ready to intervene in the Spanish government bond market.

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