Tuesday, November 30, 2010

Europe remains on edge

While it seems to have faded from the headlines in the wake of the Wikileaks news and "OMG it's CYBERMONDAY YOU HAVE TO GO BUY SOME PLASTIC BAUBLES ONLINE TODAY!!!" stories, Europe continues to stumble along and the big money keeps moving on from target to target - Ireland to Portugal to Italy, to Belgium to Spain, etc. are all in the cross hairs now.

I think 2011 is shaping up to be the greatest test of the EU we've seen to date. On the upside, System of a Down announced a series of European concert dates next summer (their first shows in 5 years) so I'll be supporting the EU economy backpacking across Europe following the band -- as soon as I get the okay from the missus.

Is that okay, honey? Sweet!! You'll notice a bunch of charges in Euros on our next credit card statement - just ignore them :)

BTW: Did you hear that Wikileaks next target will be a BIG US BANK? Oh boy, lots of people are going to be purging their email inboxes this week and hoping that the IT guy they fired last week to outsource his job to Vietnam didn't walk out the door with every email ever sent by the company :)
The Case Shiller index came in weaker than expected and shows continued deterioration in the housing market. Here's the main take away from the report.

"Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off."

Markets are off to a shaky start after this news but much like yesterday watch for a late bid from the banks to make a stick save around 3:30pm :)

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