Emini Chart Roundup – 7 Aug 2011 (16:46)
Well, having complained that the main stream media was ignoring the sell off in equities at the beginning of the week (Italian market off 25% didn’t rate a mention anywhere) now I can’t escape the US downgrade story.
All of a sudden the talking head economists have “gotten religion” and are saying the US economy will be weak, Europe can’t fix it’s problems, etc.
Please, a little late.
And so my contrarian instincts kick in – if they are all saying the US downgrade is a big issue, blah, blah, blah – I think, it’s a non issue. I see us spending the next week or so finding a bottom from which to rally. Playing off the hysteria.
Whichever way it blows, the intra-day moves will be large (hopefully not as large as last week) and with plenty of volume.
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