I am about to head to bed for awhile but will be back later tonight. Quick thoughts is I thought today despite being up was fairly bearish. Not saying something from Germany couldn't come out and cause a pop but if I were a bull I think I would be much more nervous than I am as a bear.
Today felt like a day of desperation for the bulls. How many rumors were flying to gun the market right before it fell apart? I'll have more thoughts later most likely but in general I thought today was bearish for the near future.
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If you were a German taxpayer, how would you feel about your country bailing out the free-spending Greeks? Probably not very happy I would have thought.
I'm pretty sure the German government would see a Greek bailout as electoral suicide, so I would be surprised. Plus from what I have read Merkel tends to shy away from big controversial decisions. We may see some package of some sort anyway, but I doubt it will make a real difference - what about Spain, Portugal, even the UK?
The Germans are really in no position themselves to be bailing out nation states who can't keep their spending under control.
Completely agree. Well said.
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