Caveat: 4-5-12

 8:09 AM Austria's central bank follows the Bundesbank example from last week and will no longer accept bank bonds from Greece, Ireland, and Portugal as collateral for borrowings, reports Dow Jones. (Read the comments on this)

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The melting away of Europe's economy will help the U.S. banks and stocks for a little time, which the President will claim is a result of his policy, and it appears, through various estimable opinions, that many of our companies have reset themselves. The resetting is part of a free economy and occurs as quickly as there is freedom, so this recession is the longest in history. 

As governments in China, Japan, Europe, and the US continue to control their economies and to protect their elite, that is protect the politicians, banks and large investors, the pain will continue. 

The Fed changed its mind yesterday and will now back off from printing money (QE3), as it is called, which was funding the stock market rise, so the selling pressure should begin asap. The extent of the pull back will be revealing.