 | Spanish banks are broke. Spain needs a bailout. Spain’s coming bailout was confirmed over the weekend. Spain’s insolvency is somehow bullish, which caused the ES to explode 15-points on the Globex open.
Replace the words of Spain above with Greece. How did that go? Greece defaulted on its massive bailouts and Spain will as well. How is this bullish again? Oh yeah, the free market was squashed by the central planning do-gooders once again, and central planning is bullish – right comrade?
The 100-billion Euro bailout for the Spanish banking syndicate will sit on the balance sheet of the country – not the banks. Additionally, there will be no conditionality on fiscal policy or structural reforms, unlike Greece, Portugal, and Ireland.
It didn’t take long for Ireland to make a statement. From the AFP we read “Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday.”
If Ireland gets to keep its bailout money AND kick the austerity to the curb, like the Spaniards; won’t that be bullish too? Then again – what isn’t?
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - No “Secrets” signals today.
- Algorithm positions (1)
- “Reading the Tape” positions (0)…combined Secret’s, Algo, & “Reading the Tape” total… +2.50
ES 1317.75 / 1304.25
POC... 1317.50
YM 12451 / 12347
NQ 2549.75 / 2528.75
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