Published on 07-19-2011 05:55 PM
By Elliott Wave International
The European Banking Authority announced Friday that 8 banks had failed their stress tests and 16 more had narrowly passed. But the results drew much criticism from analysts, who said that the stress test is not strict enough.
Indeed, this is something that European Financial Forecast readers have known since the first stress test last summer.
For a unique perspective on Europe's sovereign debt crisis, we invite you to read a free
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Elliott Wave International: The Manic-Depressive Stock Market
By Elliott Wave International
The stock market: one week it acts like Dr. Jekyll, the next week it's Mr. Hyde.
That shift can even occur in the course of a single session.
These dramatic fluctuations appear to be impulsive; and we know that impulse does not flow from cold reason. Even so, the Efficient Market Hypothesis would have us believe that investors are constantly applying reason and logic... read more
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