Tuesday, February 9, 2010
Europe Decides To Bailout Greece
Getting news that Europe is set to bailout Greece, that is what is spiking up the markets at the moment. Most likely scenario is "bilateral help" according to my news feeds. I think it will not keep the markets up for long. We may stay strong for the day, but I see further weakness over the next few days.
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9 comments:
It seems to me that the shorts are the ones giving it all they got. Not the longs. With all that we keep making higher lows. if this news can get us through resistance we might see the shorts scramble.
i am buying the Dollar here. One would think that the long term implications of helping greece would weaken the euro not strengthen it. They have is backwards.
The euro is very oversold and overshorted. I would watch your backside on that trade nicasurfer.
This news is not good for the EURO and is great for the Dollar
According to the COT report Euro shorts are at extreme levels. Maybe that is the more important bit of information. I don't go into crowded trades even if I agree with it because many times the news is already baked in.
Agree i just think that this going to be one hell of a problem. So does all the eurozone get bailed out now?
This is a major problem on thier debt issues. Who even expects a goverment to pay back thier debt.
my take:
we were having a normal pullback to 1080 and then started back to 1100 right before the news of Greece broke. Then we dropped. A fix to Greece and other ailing countries would mean we push back to 1100 at least near term.
Any dips from today on get bought until we hit 1100.
Long CNLG @ 2.27
OL DAWG
Sold CPF @ 1.26
OL dawg
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