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A dose of reality

Posted by:  |  Time: 8:27 am  |  Topic:  |  Comments: 1
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The market retreated yesterday on comments that the German’s are not automatically going to backstop any Euro zone problems. The recent rally is based on Draghi,s comments that the ECB will do everything to save the Euro. The reality is they will do some bond buying but that will be far short of what is needed. We are in August so the maket is effectivily asleep. However there is a realisation that this crisis is far from solved. Come September the ECB will be required to back up their promises with solid action.

In the meantime we sold off yesterday. Today is starting negatively.

Ranges are on the Euro 1.2320 and 1.2250  the S&P 1404  1385

We will likely test the lower levels first.



One Comment

Peter Pipesmoker

August 10, 2012

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I think your right the Market is asleep and everyone is watching Katie Taylor Chris Hoy Bolt and the Olympics in general . I wonder as there is a key ECB meeting on 11/9 or as the yanks would say 9/11 could there be something coming . Gold is rising which means something may be cooking . Shell is pulling cash out of the Euro Banking area and I’m sure others will begin to follow . That can often start it’s own chain reaction and the Germans are closing their purses as usual after humming and hawing in June about paying a bit more towards the dinner . This set of problems will eventually hit an unexpected event in my view from which nothing will be able to bring things back under control . It’s for the best now that it should finally happen . In truth the ECB and especially the Germans contained within are overdue a good “Fong” in the arse for the way they have tardily handled the whole thing . It might hurt us but it would still be lovely to see . Yours Sincerely , Peter Pipesmoker .

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