1. So far a perfect repetition of March/April 2008 the rally is on its way with extreme bearish sentiment which is fundamentally perfectely fine but the price swings in between can make you quite edgy. The rally runs on false promises and bad news as usual as Merkel and Sarkozy will not solve anything they had 3 years for that and are always behind. Opportunistic or corrupt politicians are not the material to solve any problem for the public good anyway.
We took out all resistance levels which were relevant to confirm that the low is set. Furthermore Apple sold a record amount of Iphone 5 over the WE. Around the 1200 level we will get a pullback towards 1150-60 and start in the seceond wave up the challenge of the 1230-50 area thereafter. All in complete ignorance of any reality and fundamentals. The Slovak vote will send markets lower today is my hunch although it is strange that the market is bought up with a good chance of that – only desperate shorts would do such a thing.
I bow before the Slovak parliament thoufg since they seem to be the only ones with guts and common sense not to falter to the pressure of the banksters who want another bailout before bonus seasonç
Liveblogging The Slovakian Parliamentary/EFSF-Vote Session
Submitted by Tyler Durden on 10/11/2011 07:18 -0400
Update: SLOVAK PARLIAMENT REJECTS EFSF REFORM IN FIRST VOTE; SECOND VOTE EXPECTED WITHIN DAYS BBG correction due to misquote on wires. Theater continues.
Live parliament webcam:
In terms of binary events on today’s docket, the most important for the euro and eurozone by a wide margin is the Slovakian EFSF-ratification vote which is set to begin shortly, and where hopes have faded that a favorable resolution can be reached, at least in the immediate horizon. Those who want to follow developments in real time can do so courtesy of the following live blog at sme.sk updated every several minutes.
The Government is in danger of collapse. If SaS nezahlasuje for the extension of the eurovalu, Prime Minister, probably resign. Members of the direction of the odprezentujú, but shall not vote.
16:18 Coalition Party CSSD, ODS and Most-Hid by Stanislav Fo?t SaS prevented the opposition is supporting euro when combined vote of confidence in articulating the Government.