Problems in Europe Will Be Resolved: Just a Question of When
Wed, Sep 8, 10:26 AM ET, by Betty L. - Freshman Equities Trader, Hedge Fund Live
September-8-2010 Morning Notes - Spooz overnight touched S3 at 1086.50 and encountered resistance at R3 at 1096 - Problems in Greece/globally are most often solvable and the real question is how long it takes mkt to adjust to fact that problems can be solved - Seems that it won't take too long for investors to realize Greece needs restructuring - Refocus on domestic issues, which in recent weeks - Still slave to banks in the mkts; we need to see legitimate buying in financials as opposed to financials being pushed higher by futures trading - Ex: JPM still 20% off highs - Will see quiet trading this week in light of Rosh Hashanah - No noteworthy earnings after close last night - BP situation: BP is not the only one at fault, but they are the main offenders - Quote stuffing policies may change direction of electronic trading and trading volumes - Policies cannot be justified since threshold/fixed levels will be arbitrary to a certain extent - Is mkt a trend game or range bound game?- mkt is never what you think it is - Good news is whether we see continuation of better pvt job mkt and stagnant govt where President cannot push through any more poor legislation/policies - S&P futures up about 3 handles from FV following modest gains in European mkts - Strength in Europe attributed to successful debt offering in Portugal (also, in Poland), offsetting bad news of weaker than expected import and export data from Germany - Bond auctions in Europe helped ease concerns and narrowed spread b/w German bund yields and other European sov debt - Both euro and yen are up this morning; still seeing yen trading near its 15-yr high, which is clearly adding pressure to Japanese mkt - BOJ issued a monthly report this morning- basically saying its economy is likely to recover at a moderate pace, although pace is likely to slow temporarily Visit HedgeFundLIVE.com.
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