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| Yesterday's Reversal | |
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| Euro-Fatigue | |
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| Interest Rates, Brazil and China |
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| Fellow Investor,
I probably don't have to tell you there's pretty strong resistance at the 1,225 level on the S&P 500. Yesterday was the fourth consecutive day the index hit that level and failed to move higher. So the big reversal for stock prices yesterday shouldn't be seen as a major bearish development.
At the same time the S&P 500 is backing off from resistance, the tone of the media coverage on the European debt situation has gone from optimistic to pessimistic.
Since last week, we've been hearing that France and Germany are close to an agreement on how to recapitalize the banks. We also heard that the two countries were in agreement that the ESFS bailout fund need to be raised to two trillion euro.
Today, of course, one day ahead of an EU summit, Germany and France are at odds again. Rumor has it that a French official wants the ESFS to take the form of a bank.
A Bloomberg headline reads: "France and Germany Split on Crisis Solution." Reuter's says that the "Euro zone rescue plans shrouded in doubt."
Like I said yesterday, any time things look positive, you can count on some Euro-official to say something to undermine the process.
There's a new term to describe the condition among investors who are sick of hearing about Europe: Euro-fatigue. I can imagine that Daily Profit readers are not immune, given my constant discussion of the matter.
But the truth is: the EU situation is the... [continue reading at WyattResearch.com] | 
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Click here for more about Privatized TIPS. |
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Market Snapshot
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| | U.S. Markets - Oct 19 Close | | Dow Jones | 11,504.62 | -72.43 | (-0.63%) | |  | | S&P 500 | 1,209.88 | -15.50 | (-1.26%) | | | | Nasdaq | 2,604.04 | -53.39 | (-2.01%) | |  |
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