The Pain in Spain
Walking through downtown Madrid one sees little signs of an impending market meltdown. The weather is a bit chilly (for a skinny Californian) but very sunny and everyone seems to go about their business as usual. By no means does the current economic crisis seem to have affected local cigarette consumption. Everyone smokes – everywhere. The real pain in Spain for this ole’ Mole is trying to catch a whiff of fresh air in between people all around me blowing smoke out of every orifice and all those damn diesel mini mobiles which seem to be equipped with smoke machines instead of catalytic converters.
Meanwhile Kirchner (the nut who’s running Argentina right now) just took over oil and gas producer YPF. Now there’s a great recipe for disaster sending anyone holding stocks or bonds running over the next few months. Mark my words – this is going to end in tears. Yes, I admit – not exactly a very precarious prediction.
But I digress – let’s talk about the tape – which is why you guys pay me the big bucks (or not). The daily spoos should be your line in the sand – whether you are long or short. The NLSL at 1357.5 has been holding thus far and if it gives then we are going to 1315 – it’s that easy.
However, if you think the daily is interesting then you definitely want to see my weekly SPX chart. Please step into my little improvised lair:
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This entry was posted on Monday, April 16th, 2012 at 3:20 pm. Both comments and pings are currently closed.