Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Friday the 17th of June.
I guess the most common expression I'm hearing is "kick the can down the road.". It would seem as though politicians the world over are pretty much the same. None of them wants to face the truth that there is no more money. So what do they do they, "kick the can down the road."
And once again the taxpayers have to come up with the money. Lending more money to Greece is the height of insanity in my opinion simply because how can they possibly pay back the first tranches of money that was already lent to them? But that's what's happened today; Merkle and Sarkozy made concessions and basically declared that "happy days are here again," but are they really? I was talking to a good friend of mine this morning who is one of the smartest people I know and I asked him point-blank, what do you think of the global and US economy? Here is what he said to me, "It is a time to be cautious and guarded." Those were his exact words. I'll let you think about that.
So okay enough of what my smart friends think, let's look and see what the market thinks about everything.
Here's what's happening in the major markets right now ... Continue reading "Which is more exciting: the market of late or a game of Pong? You choose."
It is always interesting to live through history. However, I think many traders, or should say investors would probably like to forget about the history making market action on Thursday.
Things have been bad in Europe recently. Between the travel restrictions due to the volcano and ash, as well as Greece not wanting to conform to strict fiscal policies, problems are adding up and adding weight onto the euro.