It's All About Basel

There's been an ongoing debate and even argument apparently between Bernanke and Jamie Dimon of JPM regarding the BASEL Capital requirements. The chatter has been that the requirements for reserve ratios on the biggest banks was going to be raised. Around 2 p.m. the latest rumor is that it may actually be lowered, the timing can pretty much be determined just by looking at the XLF chart.

Of course these type of announcements are usually leaked so I wouldn't be surprised if there's been quiet buying today before it was announced.

Next up-the denial.