I'm a bit unsure of yesterday's action in the S&P, which also served as a reminder why I try not to "do lunch" anymore. As soon as I stepped out, the market tanked. And I was being so patient.
While I was anticipating a market breakdown, I've got a funny feeling that it was a fake. Maybe I'm just hoping it gets back up so I can get another shot at it. Who knows. I don't.
Below 1243.35 would be the first indication to me that the S&P is serious. Below 1203.67 would just about seal the deal. Unless these targets are taken out, I'm going to give it a little leeway to the upside. In fact, I'm looking at the 1292.66 high from October. It could be exceeded if the S&P remains above 1203.67.
Bloomberg reported a very odd quote from Angela Merkel that is raising eyebrows. Apparently she reminded a press conference that “The lesson of history is that we must solve our problems with words and not weapons -- and that’s exactly what drives us to seek compromise.”
Why would Markel suddenly dig up old war wounds when trying to address debt? Was it a veiled threat? A friendly reminder? A Freudian slip? Whatever it was supposed to mean, I doubt it bodes well for future discussions.
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