Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Monday, the 18th of July.
Well, Monday is here and we are no closer to solving the debt problem than we were last week. Europe is still a disaster and that's been reflected in the bank stocks today.
I was thinking this weekend... If everybody moved out of Greece, what would happen to the debt and who would pay it? I know it sounds weird to say, but the reality is with the euro zone you do have the freedom to work in other countries.
The world has changed, yet the politicians still think it's the same game. In the world of the Internet you can be based practically anywhere that's advantageous to you. In an example like Greece, which is so far underwater it seems they are never going to be able to bail themselves out... Why not just walk away from the debt? One could stand to reason that most well educated Greeks have the mobility and the language power to move to other countries in the euro zone and work.
Today's markets reflect what I was saying all last week in regards to the bank stocks which are under tremendous pressure today. BAC is down over 3% and other bank stocks don't look much better.
Gold and silver moved dramatically high today with gold topping the $1,600 an ounce level before some profit taking came in to the market. Silver is up close to 3% as I write this, and is moving higher and faster than gold percentage wise. So let's take a look at these markets in more detail and workout some target zones for gold and silver, as well as the banks.
Now, let's go to the markets and see how we can protect and make your money grow.
Continue reading "I Was Thinking This Weekend..."