Stock Markets Unhappy with Lack of Immediate Greece Bailout
Stock-Markets / Stock Markets 2011 Jun 20, 2011 - 09:53 AM GMTFutures are down again this morning as the perception that there would be a 'solution' (kick the can) to the Greece situation over the weekend has not come to fruition.
•The markets were in jittery mood once again Monday after eurozone finance ministers failed to agree to release the next bailout loan installment to Greece -- money that is needed to prevent a debt default that could trigger financial chaos.
•Officials say they do expect Greece to get the next euro12 billion installment in July. But first they are pushing the Greek parliament hard to pass unpopular measures to reduce the deficit and seek more money from selling and developing state property.
The 200 day moving average (now moving up a point to 1263) is a level that looks to be broken on the open unless there is an in improvement in the next 1.75 hours, and last week's lows of 1258 are most likely in play. The key level below that is 1250, the March lows. Below that it obviously gets very interesting. It still remains a period to remain small and protect capital.
FOMC meeting this week, but other than keeping rates low for infinity and confirming no immediate new QE there should be little of interest there.
By Trader Mark
http://www.fundmymutualfund.com
Mark is a self taught private investor who operates the website Fund My Mutual Fund (http://www.fundmymutualfund.com); a daily mix of market, economic, and stock specific commentary.
See our story as told in Barron's Magazine [A New Kind of Fund Manager] (July 28, 2008)
© 2011 Copyright Fund My Mutual Fund - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.