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To the casual eye, nothing of great interest happened on Friday, with a larger than usual dip that was bought, and more than half recovered by the close. Superficially that was just a third day riding the upper band and if we see a very strong recovery into and at the open, it’s possible that SPX could put in a fourth upper band ride day today. SPX daily chart:
I guess this isn’t exactly what they expected from the “good news/relief rally” of a “NO” vote for Scottish independence. The ES is shown in blue and the British Pound versus the US dollar (which one would expect to be exploding higher right now) is in black.
Those 4 C’s are: Confirmation, Crisis, Contagion, Catastrophe.
What type of confirmation could send the financial markets into such turmoil it could rock the very bastions of finance as we now know it?
First: Scotland votes yes to leave the U.K. If this turns out to be so, it could send shock-waves throughout the markets that run the world. i.e., Forex or World currencies.
No one with any financial acumen can look seriously at the markets as they stand at the time of this writing, and seriously argue the markets are prepared for such a resolution happening this Thursday. (more…)
