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http://www.marketwatch.com/story/sp-downgrades-italy-one-notch-to-a-2011-09-19?siteid=bnbh
http://www.marketwatch.com/story/sp-downgrades-italy-one-notch-to-a-2011-09-19?siteid=bnbh
http://ftalphaville.ft.com/blog/2011/09/19/680306/breaking-on-fedwire/
http://ftalphaville.ft.com/blog/2011/09/19/680306/breaking-on-fedwire/
This morning, all of the leading European financial institutions are selling off sharply to start the day. The European banking crisis seems to be getting worse by the minute. Traders can easily see stocks such as National Bank of Greece (NYSE:NBG), Deutsche Bank AG (NYSE:DB), Credit Suisse Group (NYSE:CS), UBS AG (NYSE:UBS), and countless other financial institutions are trading lower by more than 3.00 percent or more. This is not a sign of a healthy financial system, it is a sign of a coming default in the European Union.
The stock market has already priced in a Greek default despite all of the news out of Europe last week saying that would not happen. Investors are just wondering who will be next country to default after Greece. Will it be Italy, Spain, Portugal, or perhaps even France. The French banks have sold off sharply over the past month, the French financial institutions do not seem any better then Greece at the moment.
There will certainly be more news out of Europe this week telling the world that everything will be fine in the European Union. Traders and investors should not listen to the noise from the talking heads, traders should listen to the price action on the charts. Right now, the charts are telling us there is a likely default in the European Union.
The stock market has already priced in a Greek default despite all of the news out of Europe last week saying that would not happen. Investors are just wondering who will be next country to default after Greece. Will it be Italy, Spain, Portugal, or perhaps even France. The French banks have sold off sharply over the past month, the French financial institutions do not seem any better then Greece at the moment.
There will certainly be more news out of Europe this week telling the world that everything will be fine in the European Union. Traders and investors should not listen to the noise from the talking heads, traders should listen to the price action on the charts. Right now, the charts are telling us there is a likely default in the European Union.
The stock market is dropping today after rumors surfaced of a possible Greek default as early as tomorrow. While this is just a rumor, the possibility remains high that it will happen in the future. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $119.51, -2.01 (-1.65%). While this drop seems sharp, it is likely it will not accelerate in the next day or two. Even a small up move could be possible. The theory behind this is based on the Federal Reserve Policy Statement on Wednesday. The markets are hoping for some sort of QE3. This hope will keep them from collapsing until we get the word from the Federal Reserve. Once that happens, all bets are off. Depending on their action, the markets will fly higher or collapse.
While the markets are down sharply, some interesting factors are at work. First, with a sharp drop in the markets and panic in Europe, gold would usually be soaring. This is not the case. The SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $173.45, -2.58 (-1.47%). With gold not trading inverse to the markets, one must wonder if the markets may inch back up throughout the day, towards the flat line.
Next, Apple Inc. (NASDAQ:AAPL) is sharply higher, trading at $406.88, +6.38 (1.59%). This is a leading stock and could also be telling of a continued market bounce today. In addition, Amazon.com, Inc. (NASDAQ:AMZN) has turned positive as well. This is another leading indicator for the markets.
Lastly, for long term stability in the markets, the banks must catch a bid. This has not happened today. This tells intelligent traders that the market may not fall much more in the next few days, but most likely will tumble in the next few weeks, after the Federal Reserve.
Take the seven day free trial of the Research Center and Intra Day Stock Chat. Join the pros as they profit from every up or down move in the markets. Be on the right side of the trade.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
While the markets are down sharply, some interesting factors are at work. First, with a sharp drop in the markets and panic in Europe, gold would usually be soaring. This is not the case. The SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $173.45, -2.58 (-1.47%). With gold not trading inverse to the markets, one must wonder if the markets may inch back up throughout the day, towards the flat line.
Next, Apple Inc. (NASDAQ:AAPL) is sharply higher, trading at $406.88, +6.38 (1.59%). This is a leading stock and could also be telling of a continued market bounce today. In addition, Amazon.com, Inc. (NASDAQ:AMZN) has turned positive as well. This is another leading indicator for the markets.
Lastly, for long term stability in the markets, the banks must catch a bid. This has not happened today. This tells intelligent traders that the market may not fall much more in the next few days, but most likely will tumble in the next few weeks, after the Federal Reserve.
Take the seven day free trial of the Research Center and Intra Day Stock Chat. Join the pros as they profit from every up or down move in the markets. Be on the right side of the trade.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
again to keep things into context > *83% of Hedge Funds Report Losses in August; Barclay Hedge Fund Index Down 3.42% ... *
again to keep things into context > *83% of Hedge Funds Report Losses in August; Barclay Hedge Fund Index Down 3.42% ... *
Just now i heard this *** IMF is now in preparations for a Greek Default ... Tuesday or Wednesday or Thursday ,Not matter it will default
guardiannews Guardian news
Greece under pressure as finance ministers put brakes on bailout payment gu.com/p/32xbf/tf
Thousands of protesters to 'Occupy Wall Street' on Saturday
Bernanke, Europe hold key to aiding rally
http://www.reuters.com/article/2011/09/17/us-markets-stocks-weekahead-idUSTRE78F63U20110917
Read more: http://www.businessinsider.com/ecri-index-leading-economic-indicators-negative-2011-9#ixzz1YD4llZfv
Next week should be very interesting, Will this be another shortable squeeze-only bounce, or are there real buyers stepping in at these levels to take the market higher out of this channel? That remains to be seen, but the smart money right now is reserving judgment.
http://blog.t3live.com/2011/09/stocks-stretch-rally-to-5-is-this.html
