The market awaits the EU summit. It would seem split on two sides, Germany want closer Fiscal Union first, then they will provide the cash, the rest want the cash first then closer fiscal union. My money is on the German’s.
In the meantime the market is pretty much range bound 1.2525 1.2440 on the Euro and 1304 1318 on the S&P.
Expect the hype to start to build as they head to the summit. My guess is it’s going to be a total mess but we can wait for that position to emerge before diving in. Today is a trade around the high or low levels.
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Roger Kenny
June 27, 2012