04.15.12 – Saudi Markets down 2.34%, Israel down 1.80%

by John Galt
April 15, 2012 10:15 ET

 

Don’t worry, be happy. The markets will turn around just as soon as Uncle Ben proclaims “We are the World” (Catchy song title, eh?) and buys every equity from any exchange on the planet Earth. The Saudi Arabian TASI seems to indicate further pain for Asian and US equity markets on Monday:

(click on thumbnails to enlarge graphs)
04_15_sauditasi

With the Israeli TASE down 1.80% it doesn’t look like any serious relief is forthcoming when Japan and China open tonight:

04_15_isra_tase

The key will be to see if the US Dollar Index can break above the 82 level with conviction this week regardless of corporate earnings reports. Honestly speaking I think it fails around 81 and the equity markets rally into the first week of May when they flash, crash, and bash one more time with a 20-30% move down before the Fed starts QEE (Quantitative Easing for the Election).

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