Headlines, to include Ben Bernake's statement and expectations for Thursday's U.S. House Financial Services Subcommittee on potentially revamping the mark-to-market accounting rules, today helped to stimulate a better than 30% inter-day movement in the shares of Citigroup (C), as well as positive price movement in other financial entities, including, but not limited to, Bank of America (BAC), JP Morgan (JPM), Comerica (CMA) and State Street (STT). We suspect financials could experience lift through this Thursday.

But to paraphrase Hans Solo and Yogi Berra --- While Citigroup's share price movement is “Great, let's not get cocky." The share price was basically at a penny stock level. This economic downturn is far from over, and unfortunately “it ain't over, 'til it's over.”

We suspect the trajectory of the economic downtrend has begun to shift from a parabolic downward angle, but the economy could be poised for

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China to grow 8%? An end for Mark-to-markets?  What will the ECB do today?  Gold at a discount…. And Now… Today’s Pfennig!

We have the Bank of England (BOE) and the European Central Bank (ECB) meeting today. Look for rate cuts from both of them, as recessions are deepening in both camps. The BOE doesn’t have many arrows in their quiver, while the ECB has held some in reserve. I doubt the ECB would go for a “huge honkin’” rate cut today, as they are normally more stick in the mud thinking… The

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