Tuesday, August 16, 2011

Not Convinced! Market Sells Off Following Merkel/Sarkozy Press Conference

Global financial markets were expecting an announcement of Eurobonds, but were disappointed, for now! Sarkozy said that the EU is not currently structured or sufficiently unified for Eurobonds.

We went from flat-line down to new lows in less than one hour! We are now setting new lows for the day, with the S&P futures down about 19 points. Amazing reversal! The market isn't convinced that this will make Europe whole! It won't! Europe will continue to flounder from one bad policy to the next in a process of self-immolation!