_______________________
Given the poor economic data, coupled with continued pussyfooting by monetary and fiscal policymakers across the pond, It should come as no surprise that the major indices of the European Union member nations have performed worse than their corresponding benchmarks in America. Whereas the S&P 500 crashed and has since flopped around sideways for two months, both France and Germany saw huge legs lower, but kept going down in falling channels. That said, the weekly charts of both major indices show that the price action has at least started to fall in an orderly way. I recognize that headline risk is still at front and center, but no one knows for sure at what point the negative economic conditions and policies will have been fully baked in the cake.
Hence the market is still the final arbiter. Those now-established price ranges encompassing the falling channels should be watched carefully, as that is going to be more indicative of when the markets bottom, as opposed to waiting for an inside scoop from Steve Liesman on CNBC.
The CAC is currently in a 2,750-3,250 trading range, while the DAX has 5,000-6,000 as crucial levels. Their respective ETF’s are EWQ and EWG.
_______________________
_______________________
Thanks Chess, good post.
post 25 those go knee knocker. nic pic tho.
I wonder what Chess and Fly rate “http://www.sovereignman.com/”?