Cheering Breaking The Back Of Greece! (Are They Kidding?), And Some Eco Charts
June 30, 2011 12:06 pm
It is typical that Wall Street cheers as the buck is passed. To the delight of investors, Greece has managed to provide a blueprint of how they are assuredly going to go bankrupt in order to get additional loan backing. This is the new era of financial math for sure.
Essentially, the Greek government has basically thrown its citizens over a live hand grenade in order to save the rest of Europe. (And by “rest” we mean Germany and France).
The Euro (which is grossly overvalued by any measure) has been bid up again – with help by China’s “buy-the-Euro-team” on hope that the region is out of the woods. This has helped to push up U.S. stocks, right into the end of the quarter. If all goes well, the S&P will end the day right above 1326 or so – this will ensure that the quarter will show a positive return for the newspaper headlines.
Otherwise, the U.S. economic reports continue to provide evidence that there is a general slowing. Some of the most recent reports have shown a bit of more stabilization.
The charts below provide a look at the recent trends…