Buckle Up

Anticipating increasing volatility this week, a rising US dollar, and drop in the S&P.

Danish Ministry Criticizes Bank Report Warning of Credit Crunch

July 6 (Bloomberg) -- Denmark's government criticized a report published by Danske Bank A/S unit Danske Markets that suggested the Nordic country may be heading for a credit crunch.

The report's conclusion that lending by financial companies to businesses fell 12.3 percent since September last year overlooks an increase in mortgage loans, the Copenhagen-based Economy Ministry said in a statement on its website today. Taking mortgage loans into account, overall lending declined 4 percent, the ministry said.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/07/06/bloomberg1376-LNWNPO6KLVRD01-1U6OVF9QUTL3E65SEIH4OGDA5I.DTL#ixzz1RKVKTAPA

The authors of this report forgot to check with their government spin doctors authorities that we are all in the midst of a recovery. 

I know its true cause Ben Bernanke said so.

More food for thought below.

 From Reuters:

The downgrading of Portugal's credit rating to "junk" shocked financial markets and cast new doubt on European efforts to rescue distressed euro zone states without debt restructuring.
"The European debt crisis continues, those problems are still out there," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.
"Maybe we want a quick fix, maybe we are looking for one, but there is no quick fix and if there is I haven't heard it yet."
China's central bank increased interest rates for the third time this year on Wednesday, making clear that taming inflation is a top priority as its economy gently slows.
"It is expected but it's not a positive, maybe it doesn't say sell, but it definitely doesn't say buy," said Lesh.