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France and Germany have reached a deal on a financing plan to help debt-laden Greece, which will include IMF help. Officials in Brussels say the package - yet to be agreed by other eurozone states - will total 23bn euros (£21bn).
The French presidency said there would be "very precise conditions" under which the 16 eurozone countries "could be led to intervene" to help Greece. Co-ordinated bilateral loans and IMF loans are envisaged. EU leaders are now poised to discuss the plan. News of the deal broke as leaders of the 27 EU member states gathered for a two-day summit in Brussels.
Diplomats say the eurozone leaders may hold an additional meeting on Thursday evening to discuss how to help Greece.
So far the eurozone has avoided seeking an IMF loan for Greece, preferring a European solution and anxious to maintain global confidence in the euro...
Originally posted by GreenBicMan
Leave the astrology type predictions to members like Aristocrat and such.
Like JS said, there are limits in place so market can't drop more than I believe something like 65 ES points, which only at most 5% of the market or something before we get locked up.
If you want to see some interesting price action like that look to the lumber market.
You can excuse the average investor if, this week, he found himself and his thoughts drifting, perplexed and panicky. The inexplicable was found lurking everywhere starting with the normally spineless Democrats handing President Obama a historic legislative victory on healthcare reform, Sunday. Opponents feared that the $1 trillion price tag, and the disputable commandeering of 17% of the annual national budget was too ambitious, and that the increase in taxes necessary to cover an additional 32 million Americans health insurance would impede economic growth.
The stock market continued rising into the close; another inexplicable event occurred. Bloomberg reported that the 10-year US treasury swap spread closed negative for the first time ever. The negative spread widen on Wednesday accompanied by a below average 5-year treasury auction priced at a 2.605%. The 10’s and 30’s sold off by the close at 3.83% and 4.72%, respectively.
Another head-scratcher Wednesday was Pimco’s bond maestro Bill Gross comments on CNBC professing his affection for equities: “Let's suggest the economy looks good, that risk assets— whether it's high-yield bonds or whether it's stocks—have a decent return relative to the potential of declining bond prices," he said in an interview. "I'll go with the stock market."
We also learned what we already knew when S & P lowered Portugal’s credit rating, that the western world is broke. Before I forget, this day also included Google (GOOG) and Go Daddy quitting China, the US accusing China of currency manipulation, and financial regulation reform disappearing into a Washington DC black hole.
But enough about inexplicably strange; let us return to good old-fashion butt-ugly economic data. Negative housing data again filled the landscape pointing towards a funky economy in 2010 for the average citizen. February new home sales fell 2.2%, to an annual rate of 308,000. Two years ago, the annual rate was above 600,000 homes. Supply swelled to 9.2 months while the median price of a home rose 6.1% to $220,500 and the average price up 5.1% to $282,600. The first-time home buyer tax credit ends in five weeks.
Finally, the US Census Bureau, 2009 State Government Tax Collection Data was released. State revenue was down in 2009 versus 2008 some $66.9 Billion dollars. Fourteen states saw their tax revenue fall 10% or greater. The fourth quarter figures are available at the end of March
Originally posted by mrsdudara
reply to post by jacksmoke
Ah just the brainiac I was looking for. Thank you. I do know that there is no trading on the weekends. However, if you decide to sell anytime after Thursday, it might not actually happen until Monday or Tuesday if they stop the market short on Monday is that right? I have family who play heavy in the oil, gas, and energy markets. They have mentioned that a few times.
So, the number is 5% for them to shut it down for the day? That seems quite low.
If the market was to hit 11,000 mark by midday tomorow afternoon, how many days do you figure it would take to fall to 61/2 or 7?
dharma notes: Arch Crawford’s track record has an accuracy of somewhere around 85% and he has been ranked #1 stock market timer out of a field of 500 investment newsletters multiple years by Hulbert’s Digest since he started publishing in 1977.