Germany is apparently undergoing legislative scrutiny for their part in the recent Greek bailout... while Angela Merkel is losing support from voters (for apparently not wanting a Euro break-up and using more public funds for bailouts).
Italy is not spared as the President is due to release news of austerity measures as the country goes on strike.
http://www.marketwatch.com/story/rbs-deutsche-bank-lead-sharp-decline-for-europe-2011-09-05
The European markets are near closing, being down 4-5% just now, and the ES futures are already 2% down, losing -23 points while US markets are closed for Labor Day holiday.
The picture really doesn't look good at all, notwithstanding Dave Elliot's call for a bounce on Tuesday, the ES looks eager to push all the way down to 1000 or slightly below that.
Here's a snapshot of the current ES chart... you can see that there is a follow through in the tank on a market holiday. Looks ugly for the rest of the week really...
The MadScientist - 5 September 2011
Note: Any material posted here is of my sole opinion, and my opinion may differ or change. This is NOT a solicitation nor advice proceed with anything else as a consequence of reading these materials. The materials presented here are intended for educational purposes only.
Note: Any material posted here is of my sole opinion, and my opinion may differ or change. This is NOT a solicitation nor advice proceed with anything else as a consequence of reading these materials. The materials presented here are intended for educational purposes only.
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