Monday, November 21, 2011

Sea of Red

This should be a relatively uneventful week in the US given the light data docket but Europe continues to stir the pot.  Talk of a Moody's downgrade of France spooked much of Europe and when coupled with the failure of the US Super committee has taken roughly 2-3% out of most European markets.

The market will get fairly interesting again at these levels as the chart readers will be dismayed by the failure of stocks to break through previous trading range highs. 

The failure of the Super committee is not really surprising but the ramifications could be huge (particularly for our local economy which is so tied to Federal spending). 

Sorry for the sporadic posting lately.  Lots of irons in the fire....

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