We do have very good chance to go top out 1367 previous high from May 1st. Key is no volume in the 5th legs. This fit what we have big run for 3 days but no volume.
On the other hand, I still believe this just a rubound(low volume), 3rd leg always the longest but we had a 3rd leg shorter than 1st. So we still have very very high chance to break down 200 MA and all bulls could kiss their MM(Ma Ma) goodbye!
Not even close, there is no way that Greece can pay back $360B they owe. Greece still running 7% on deficit of their GDP. The reason for 2nd loan is because 1st loan agreement did not fully imply, meaning Greece did not cut what they agree to, and you expect them to follow the rule this time around?
Only thing that can help those PIIGS is go default, no other way out!
BoA is out of wood? Not even close
1. 1st round cause 8B(pass 3 years earning), and there are more to come, and JP,Goldmen,Chase all have same problem, so stay tune.
2. Housing still dropping. Interest rate go higher, and those house will go lower, and more home owners will walk and those CDS worth nothing! It's coming!
The only thing that glue this economy together is FED printing money, but it will end tomorrow!
No new money to buy Tbond, where Tbond will go? and interest rate? and mortgage rate? Without almost free mortgage house price will drop down again to where it should be, i.e., 30% down from here and Banks? Dead meat!
Unemployments is 9.1% and all this year graduate have not find any job! but they don't count as 'UN'-employment! go figure!
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