Plethora of Interesting Things

Europe is down over a 1% today. Will this finally be the day that America can ignore Europe because of its oversold nature? We will find out. Several interesting things out there today.

I have not verified this but before yesterday supposedly Petro China had a $285 billion market cap. The entire U.S. banking sector market cap was $271 billion.

MSCI World Index falls for 11th straight day. WOW!!
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOqS.xs.jFyM&refer=home

The MSCI World slid 0.9 percent to 750.84 at 1:49 p.m. in London, falling for an 11th day, the longest stretch since 2005.

England on the Road to Debasement
http://business.timesonline.co.uk/tol/business/markets/article5795176.ece

A member of the Bank of England’s monetary policy committee today made the case for quantitative easing, the controversial measure to boost the economy by "printing money" to increase the money supply.

Former Fed Governor saying maybe we did something wrong??? Is this thefirst sign of an acceptance stage?
http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=2009902220336

With the nation suffering from the worst economic downturn since the Great Depression, Susan Schmidt Bies is having second thoughts about some of the votes she cast as a member of the Federal Reserve Board of Governors in the years leading up to the present crisis.

Housing price skydive lower dropping 18.5% yoy in December. Biggest drop in history!!
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3ArfwXFeZJM&refer=home

Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.

Prechter saying to buy.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWCVnODJ3GPA&refer=home

Elliott Wave International Inc.’s Robert Prechter, who advised shorting U.S. stocks three months before the bear market began, said investors should now end those bets following the recent market sell off.

Prechter, chief executive of the market forecasting firm, warned in this month’s ‘Elliott Wave Theorist’ that a rebound in stocks could be “sharp and scary” for anyone who is so-called short. In a short sale, investors borrow stock and agree to sell them at a later date on hopes of capturing profit by replacing the shares after prices fall.

Because I have a couple of friend who follow Prechter, to be clear after this rally he believes there will be one more major down move. Time will tell if he is right. (Prechter is technician/psychologist who believes the world follows massive patterns over decades - I buy part of his thesis)