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Another Stock Market Pop-n-drop Expected

Stock-Markets / Stock Markets 2015 Feb 05, 2015 - 04:16 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Morning!

The Premarket is up this morning, nearly to yesterday’s high. I expect no less in a market that is premised on appearances, not substance.

The pattern is jumbled enough to offer at least two outcomes. It is possible that the decline in yesterday’s last half hour may have been the completion of a Micro Wave b, with a Wave c to follow. Or, the morning ramp may fail to overcome yesterday’s high and simply collapse at the open.


The big news, in my opinion, is the ECB lifting the Waiver on Greek government Debt. Until now, banks were allowed to carry Greek Sovereign Bonds at par instead of market value. The is going to affect most European banks and some major banks in the U.S. as well. Many banks in Europe were already insolvent, but pretending not to be. The Euro QE program was meant to bolster European banks, not increase employment.

Either Greece is playing a game of chicken with the EU or he is deadly serious. In either case, things going forward will not be the same. At this time, Europe has a lot more to lose than Greece.

In the meantime, layoffs have surged 17.6% year over year as the shale states lose jobs. The U.S. trade deficit soared in December. The reality is, the export of U.S. Dollars soared as the world peers over the brink.

In the meantime, bulk shipping companies begin to declare bankruptcy as the Baltic Dry Index collapses.

Gold appears to be resuming its deflationary decline as the morning futures hit a low of 1259.09. It, to appears capable of making new lows, as is crude oil.

Regards,

Tony

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