Good morning,

The really surprising thing is the markets are holding up remarkably well…the Dow only lost 7 points..all this while ‘Zombieland’ was once again a hot bed of disfunction. The Euro markets were much easier as were commodities, so don’t expect too much from our market today. The interesting thing is ,and I said this on TV last night when I thought of it, the US is an Apple economy. The tech stocks are driving the US market..its New World industry versus Old World much like the New World Economy versus the Old…there is no way any Southern European country will ever be able to rebuild their old world economies saddled with so much debt and the right to a comfy life..it’s just not possible ..there is no Greek Apple or Intel ,No Portugese IBM it’s just not in their DNA..sorry guys but you will slip into oblivion and if you weren’t part of ‘Zombieland’ no one would care!

The word Tutelage is an interesting one..it’s one the Germans like as they would like everyone naughty boy in the EU who overspends to be put under Tutelage…’Teacozy’(soon to be Ex President) has stood up to ‘Moaning Mertle’ for once but it will be to no avail..the Germans seem to be moving to a Euro without Greece as it seems very unlikely the Greeks will accept this scenario of a fat German controller running the country…the home of Democracy run by a foreign bureaucrat..don’t think so!!

Portugal seems to be coming into the sights of the Masters of the Universe as its 10 year money rose to a yield of nearly 18%!!If Greece gets let off its debts or at least half of them, why not Portugal ,Ireland, Spain and Italy…maybe Pandorra is about to open her box!

ur market is remarkably sanguine about the whole thing and has spent January rallying had..I think it has topped out and will bleed back a little as we head into reporting season..so for those brave souls who bought in the gloom of December it may be time to have a look and see if there are some things you need to sell.

SPI down 10 but suspect we may see 20 points off today…it all hinges on Greece and the shemozzle that is Europe. Negative credit watch on the banks is a furphy..these are the same guys that checked MF Global and thought they were ok before 1.5bn vaporised

Gold also eased as did oil so no reason to rush into the market especially after it has moved 5%.

 Scary thought for the day..especially if you are a parent ….

 Unemployment rate

                       

 

When there is no hope tomorrow maybe there is no reason not to do something stupid today!

Enjoy the day

 

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