Daily Chart

15 Minute Chart

The US dollar is suffering some damage this morning, as Donald Kohn is set to retire as Federal Reserve Vice President, and word leaked out last night that easy money Kohn [Sep 12, 2009: Federal Reserve's Kohn: We Plan to Keep Throwing Kerosene on the Fire] is being replaced by easier money Janet Yellen.

Chart of The Day: "Today's chart illustrates how the recent rise in earnings has impacted the current valuation of the stock market as measured by the price to earnings ratio (PE ratio). Generally speaking, when the PE ratio is high, stocks are considered to be expensive. When the PE ratio is low, stocks are considered to be inexpensive. From 1936 into the early 1990s, the PE ratio tended to peak in the low 20s (red line) and trough somewhere around seven (green line).

Here's what I'm reading this afternoon:

1. Triple whammy of trading costs, taxes, and inflation drags down returns on US stocks (with Bloomberg chart graphic).

2. Greece lifts a page from Citigroup's playbook - Jonathan Weil.

3. Barry Ritholtz' take on derivatives regulation.

Citigroup Inc ( C ) chart analysis ;
1) Confirmed channel break out on increased volume
2) We had our GVN condition (Gap, Volume, and News), we are now heading for an ABC pattern.
3) See green arrow for "probable scenario"
4) Ideal buy/entry ; "B" level ; meaning, a pull back to $3.90