Berlusconi faces mounting pressure to go
European Stocks Decline After Group of 20 Fails to Agree on IMF Funding
Unemployment Graphs from Calculated Risk
Greek 1 year bond yields – 235%
This week was fun for a number of reasons. We had great numbers from Qualcomm and the mining sector and bad news pretty much everywhere else.
The biggest surprise was not MF Global’s collapse or Greece playing out like a Greek tragedy but German factory orders collapsing in September. This combined with falling retail sales in France will likely push the Eurozone into a recession.
New ECB head Mario Draghi surprised everyone (called this a week ago) by cutting interest rates by 25 basis points. Next up should be massive money printing which will ignite gold and silver prices
Angela Merkel drew the line in the sand for Greece telling the Greek’s if they have to choose between the EU and Greece they will choose the EU.
As for the Greece, they may be the only ones who understand what is happening. The biggest problem for Greece is that they are running out of time.
Christmas sales may save the US economy in the fourth quarter but looking forward to 2012 there is nothing but dark clouds on the horizon.
The unemployment reports were just ok. We are not making a real dent in the U-6 or the unemployment rate
But I will talk more about this and downgraded economic forecasts in my Monday morning update.
Onto Groupon, how hard is it to go up when you cannot short the stock? There is so much lipstick on that pig that you should just stay away.
Instead of complaining look at it this way, the more it soars the better the eventual short opportunity.
Onto the markets, still not short but raising cash for the short and watching the charts very carefully.
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