The Interest Rate On The 10 Year US Sovereign Debt Enters An Elliott Wave 3 Up On Sovereign Debt Default Risk As Consumer Discretionary, Growth Stocks, Health Care, Transportation And Utility Stocks Soar

Financial report for July 1, 2011

Open Europe reports Germans Join The French In Rolling Over Greek Debt

Les Echos columnist Eric Le Boucher relates that no matter who will win the French presidential election, he will deliver blood and tears to the country. Reminding of the court of auditors recent warning that “the threat of a runaway debt development is a major risk”, Nicolas Sarkozy or the person who will beat him in 2012, will have no choice but to cut deeply into the French budget. “Cuts in social benefits and rising taxes, that is what the French can expect”.

The Interest Rate on the US Ten Year Note, $TNX,  rises in an Elliott Wave 3 up as the risk of Default arises, as Mike Mish Shedlock communicates D is for Default.

Chart of TLT   

Small Cap Industrial Shares, PSCI, such as Belden Cable, BDC, rise strongly.

Utilities, XLU, rise to a double high

NextEra Energy, NEE, rises to a double high

Idacorp, IDA, rises to a double high

Health Care Small Caps, PSCH, rise strongly

Health Care Providers, IHF, rose sharply,   

Small Cap Revenue Shares, RWJ, rose strongly.

World Acceptance, WRLD, rose strongly.

Pharmaceuticals, XPH, rose strongly.

Consumer Discretionary, VCR, rose strongly,

Transportation, IYT, rose strongly

Growth shares such as small cap growth, RZG, rose strongly.

Morningstar Mid Growth, JKH, rose strongly

Indonesia, IDX, soared parabolically

Credit Provider American Express, AXP, rose strongly.

Credit Provider Discover Financial Services, DFS, rose strongly.

Restaurant, Chipotle Mexican Grill, CMG,

Keywords and Symbold Sovereign Debt Default,  CMG, TLT, PSCi, BDC, XLU, NEE, IDA, PSCH, IHF, RWJ, WRLD, XPH, VCR, IYT, RZG, JKH, IDX, AXP, DFS,

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