The big question from the Barclays banking scandal: Will no one stand up to these guys? Gottliebsen
4.7.12, Robert Gottliebsen
Why have global stock markets not reacted more savagely to the news that Barclays has been caught market rigging, causing its top people to quit?
Firstly there are a series of bull market forces currently in control. I isolated some of these forces on Monday.
When the bulls are in charge small segments of good news are ballooned upwards. Last night it was the renewed suggestion that China will stimulate. That is no surprise but it boosted commodity markets.
These rallies can gyrate upwards for extended periods and the Australian dollar could rise further against the greenback until we have a down period.