Can’t See The Forest For The Trees
The market looks like today is just an intro. The 1.085 level broken, and technicians say the next target is 1.035 (I don’t believe in that, but since a lot of investors looks at that…).
Beside bad initial jobless claims (480.000 vs. 455.000 consensus and 470.000 consensus) the main theme is PIIGS (Portugal, Italy, Ireland, Greece and Spain) deficit and debt problem. It’s a hypocrisy, both U.S., particular U.S. states, U.K. and Japan problems with deficit and debt are far bigger. When markets focus on that, this will look like a walk in the park.
Greece, Initial Jobless Claims, Ireland, Italy, Japan, PIIGS, Portugal, Spain, U.K., U.S.
February 5th, 2010 at 4:14 am
[…] I wrote yesterday: Can’t See The Forest For The Trees; the EU deficit and debt problems are far smaller than for the U.S., particular U.S. states, U.K. […]