The Fourth of July is upon us. What kind of unpatriotic soul are you, calling for market panics in the middle of celebrating the very special brand of American Imperialism?
My dear friends, we have barbecuing to be getting to, next week. Friends and family will be invited over. Politics, sports and gentlemanly arguments need to be partake of. I should think the 9th floor will only be in business on an open door policy; and without any real driving force of purpose.
The market will melt up to celebrate this great country and as a show of indifference for the countless drabs we UAV, blackmail or step on to maintain order in this circus tent called Planet Earth.
Since the selloff managed to shore itself up, I do not expect next week to be anything other than jovial and festive. The correction can resume afterwards.
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The junior traders will be in charge next week. Be ready for anything.
Maybe the correction will start earlier due to the brouhaha over the NSA spying on EU allegations (from Snowden’s stolen documents). That’s causing outrage in the EU this weekend, with some talk of holding up work on trade agreements between the US and EU.
Why would it? Scandals rarely start selloffs because they typically don’t change money flows.