The World is a strange place these days..the Euro meeting seemed to silence the markets at least for a while but it’s hard to see if it was a success or not. The integration of Europe will continue with the Germans leading the charge, followed by the French. Democracy will be shelved for the time being as countries use technocrats and bureaucrats to lead them to the promised land..in all this mess the Government of the UK stood firm against the tide of Europe and said No! What this will mean is the big question..for my money I wouldn’t want to be a member of this club..it’s a bit like being asked to play in the band on the Titanic! Always flattering to be asked but may not be a great career move.
So what’s next…not sure is the answer..our market remains volatile on low volumes…Friday was too much on the downside and today we have bounced 65 points ..so pretty much what we gave up on Friday…The US continues to improve economically and seems to be shrugging off the Euro woes however back in my home country England things are pretty bad. I was there in July and the South East was still buzzing and no sign of the gloom, but winter is now deeply ensconced and the austerity measures have really kicked in, together with all the dire predictions about Europe ,and have made it very tough. The big UK strike and the riots have had a big effect on the national psyche and optimism is really hard to find!!The Winter of Discontent will be a bleak one..
Back to our market and I remain slightly positive and believe that Santa could still appear down the chimney albeit a little roughed up! And somewhat the worse for wear.Too much Sherry perhaps.. Volumes will remain low I am afraid and moves will be determined by computers! Bless!
Plenty of rumours and economic numbers sure to push the market around this week. If you are into Twitter I would recommend the Zero Hedge tweets for up to the minute rumours and counter rumours!
I continue to favour Banks, TLS, big resource stocks but prepare for volatility to continue..remember buy when the market is on the nose! Looking at the chart below tells me that we may have another push down before it picks up again! At best sideways!
Back on Sky TV this afternoon at 4.30 ..not sure what to talk about yet..any ideas?