Friday May 23, 2014
Recall I asked just days ago, did anyone ever do anything to improve or change the Club Med Euro Crisis situation?
Tucked away on page4 C8 of today's WSJ is a piece, Firm Wary on Portugal. Blackrock sold its Portugal Government bonds this month after buying them earlier this year. The manager is concerned about the health of the Euro Zone.
Euro
Check out Trader Dan Norcini May 22 2014
Portugal
This index has rebounded back to the resistance zone. And now it is turning down.
Discretionary Gains on Staples
Consumer discretionary is aligned with risk on thinking. Discretionary, XLY is now overtaking Staples, XLP. This suggests, surprise a bullish move for big stocks. This is in line with the break out on oil we discuss in our weekly newspaper column due out this Sunday.
Memorial Day is likely to be celebrated over the next two Mondays. Markets are typically up before a three day weekend, and that is the case today.
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