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Dramatic Stock Market Selloff

Stock Market Pop-n-Drop Possible

Stock-Markets / Stock Markets 2013 Feb 22, 2013 - 03:43 PM GMT

By: Anthony_Cherniawski

Stock-Markets

If you recall my Fibonacci analysis yesterday, I had expected to see a bounce to 1512.00 to 1515.00 before the decline resumes. The ES futures have stalled this morning precisely at the 38.2% retrace, which is the equivalent of 1511.66 in the cash market.

This morning is a “no news” morning as domestic events go. However, European news doesn’t look good, as Bankia posted the largest loss in Spanish Corporate history. In addition, Spain’s budget deficit grew from 8.9% to 10.2% despite the so-called austerity program.


On another note, the Euro slid overnight as the first LTRO-2 repayment was less than half the expected amount. The question is, do the European banks need much more liquidity than already given? Are things really that bad in Europe???

I don’t know how deeply events in Europe will affect our market, but it appears that we may see a pop-n-drop as there is so much interconnectedness between our country and Europe. You may even call it entanglements.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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