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ES has been consolidating for a few days without any hits of the two trendlines that I have been mentioning every day. That has changed overnight with declining resistance from July hit at the overnight high, and then rising support from the last low broken on the next swing down. If we are going to see some retracement on equities then this is the place, though we might see a bit more chopping about before it really gets going:
"Days to save the Eurozone", then the big rally
Hey fellow Slopers,
A couple of days before Wednesday's coordinated central bank action goosed global markets, Wolfgang Münchau wrote in his FT column ("The Eurozone has only days to avoid collapse") that if the European summit on December 9th didn't lead to an ambitious three part plan to save the Euro (an ECB backstop + a timetable for a Eurobond + plus an agreement on a fiscal union) the Eurozone risked collapse:
I have a short position in Sohu.com, shown below. What's my target on this? So low, I don't even want to say.
There's little appetite for austerity in Greece, as we've all been seeing from the intermittent riots over the last few months. The Greeks announced yesterday that they would be putting the latest Euro bailout and greek partial default plan to a referendum and obviously the plan may get rejected. I have found no date for this proposed referendum looking round this morning, so this bump on the road may affect markets for quite a while yet.
Kudos to my friend Alphahorn for calling the high and going in heavily short there. He's given me permission to post his current primary count after yesterday's bearish break and he is expecting new lows from here on that count:
