And now we are back to reality - frankly, it's like that pop a mole game, we just wonder which country will pop up next (i.e. which leader we need to remove I suppose!) - Belgium, Spain, France, et al. Until the ECB turns into Ben Bernanke, we will continue to have this randomness it appears. Bouts of euphoria versus swoon days. This morning is shaping up to be a swoon day.
- Prime Minister-designate Mario Monti is meeting the leaders of Italy's biggest two parties to discuss the "many sacrifices" needed to reverse a collapse in market confidence as the yield on Italy's 10-year benchmark bond leaped above 7 percent.
European GDP figures out this morning show growth near stall speed in all the countries that matter. Won't bother to detail it, because it's all about bond yields...
As for the market, we have incredibly obvious levels of support, which the S&P 500 bounced off of last week, and once again sets the floor. I will note - we now have a series of 2 lower highs, which is usually bearish. But this market is driven by headlines more than technicals right now.
As for the market, we have incredibly obvious levels of support, which the S&P 500 bounced off of last week, and once again sets the floor. I will note - we now have a series of 2 lower highs, which is usually bearish. But this market is driven by headlines more than technicals right now.