At the start of a new week, have we turned around or is this just a correction in a larger bear market?
I think you'll find today's video interesting as the S&P 500 has made a remarkable recovery. However, it is back at a crucial Fibonacci retracement level which could present major problems for this index.
In our recent survey we asked traders if they were concerned about what is going on in Europe. A remarkable majority, over 75% said they were, and they do watch events in Europe very closely.
At this point, Europe is really the tail that wags the dog and we are not optimistic that things are going to work out in a positive fashion. They have had a total of 13 summits in a period of 20 months trying to solve this problem. With the likes of Berlusconi, can you imagine telling him what to do? And other players like Nicholas Sarkozy shouting to Brian Cameron of Great Britain to shut up and butt out. And that's the stuff we hear about!
Imagine the stuff we don't heard about.
