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the debt ceiling fight didn't end in default (thank god) and in all truth it didn't even result in severe austerity in the near term. The cuts next year aren't actually all that dramatic, although they're certainly very unhelpful at a time when the private sector is weak and deleveraging.
Read more: http://www.businessinsider.com/why-the-debt-ceiling-fight-was-really-bad-news-for-the-economy-2011-8#ixzz1UAdkhPaM
market down 10% in 10 days - has happened 3 times since WW2 - buyers on strike until we get clarity on European sovereign issues
 Fresnillo | 1,888.00p | 34.86% | n/a | n/a | n/a | n/a | £13,676.24 | Overweight |
| Randgold Resources Ltd. | 5,800.00p | 12.51% | 114.00¢ | 80.0 | 2.5 | 0.22% | £5,064.12 | Overweight |
| Vodafone Group | 172.50p | 3.73% | 16.75p | 10.2 | 2.6 | 5.22% | £86,984.23 | Buy |
| Next | 2,376.00p | 1.58% | 221.90p | 10.6 | 0.6 | 3.31% | £4,072.03 | Overweight |
| Schroders | 1,626.00p | 0.87% | 111.80p | 14.1 | 0.1 | 2.35% | £3,559.85 | Overweight |
| Shire Plc | 1,962.00p | 0.05% | 146.00¢ | 21.9 | 1.0 | 0.41% | £10,938.05 | Overweight |
| Intertek Group | 1,910.00p | 0.00% | 91.00p | 20.9 | 2.2 | 1.48% | £3,041.12 | Overweight |
There are many stocks that are making potential bottoming tails on the charts. Leading stocks such as Rackspace Hosting Inc.(NYSE:RAX) has reversed its earlier declines and is now trading positive by 0.53 cents to $39.53 a share. VMWare Inc.(NYSE:VMW) also reversed higher and could be making a potential bottoming tail on the daily chart. These are leading stocks and that is why they must be followed closely. Other stock that have rallied sharply off of the morning lows include Sandisk Corp.(NASDAQ:SNDK) and Riverbed Technology Inc.(NASDAQ:RVBD).
When stocks rally off of the early morning lows this sharply it will often signal a possible near term bounce. It is still very important for stocks to see follow through in the coming days should they even hold up into the close. Tomorrow many traders and investors will be in pause mode ahead of the U.S. government job report on Friday morning. In the meantime, there are a lot of potential bottoming tails to look at on the charts.
The problems in the European Union seem to be getting worse by the day. Investors are now looking at France as another weak link in the already broken European Union. The iShares MSCI France Index Fund (NYSE:EWQ) has been plummeting lower since early May. Today the EWQ traded lower by 0.79 cents to $23.97 a share. The EWQ is short term oversold at the moment, however, the trend is down and the index is trading below all of the major moving averages. If the EWQ does not bounce soon the problems in the European Union are going to get a lot worse.
Other leading European stock indexes that are trading lower this afternoon include iShares MSCI Spain Index (NYSE:EWP), iShares MSCI Germany Index (NYSE:EWG), and iShares MSCI Italy Index (NYSE:EWI). All of these indexes are short term oversold at the moment, however, that does not mean they cannot trade lower. Yes, there is blood in the street right now, this is a vampire market.
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