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I wrote about this on Tuesday, but I think worth revisiting for a minute as it does bear consideration that stocks on the Copenhagen 20 Index underperformed European trading throughout the day again today, closing down another -2%, taking Denmark's decline to almost -22% from its October 11th highs.

The textbook folks define recession as two consecutive quarters of negative growth. While I am a fan of reading economic textbooks, they should not be considered gospel. That said, everything is relative here, so Denmark's 1st mover advantage bears monitoring.

Trichet raised the ECB benchmark rate again this morning, and seems cool with testing the bounds of perceived notions that hawkish monetary policy drives recessions and depressions.

Since the 1st Nobel prize in economics wasn't issued until 1969. It's very difficult for me to believe that anyone out there has a macroeconomic process worthy of being called gospel, altogether.

KM

(chart courtesy of stockcharts.com)