Market Cliff Avoided Again | New ECB Proposals
European Central Bank President Mario Draghi is in talks with Germany’s Bundesbank on new measures to ease the euro zone’s continuing debt crisis. Bloomberg reported that Draghi is set to talk with Bundesbank President Jens Weidmann about lowering interest rates and increased bond buying, among other measures.
The European leaders, the Fed, and the ECB looked over a potentially fast approaching stock market and Euro currency cliff and they are trying to come up with some stop-gap financial recovery proposals. Based on their multiple news releases in the past few days, investors are temporarily buying into the ECB and Euro leaders’ “potential moves” but the specific details and exact timeline are missing as usual. At some point, this continual process of throwing out “multiple possible proposals” without strong action will not work. But for now, it seems to have stopped the panic in the Spanish and Italian bond markets, the Euro currency slide, and the drop in the world markets.
The bulls have pushed the markets back up and away from 200 SMA cliff yet again and the trading range between 1,340 and 1,400 is back in play for more time. The market bounced up off the lower trading channel trendline and it is heading back up to the top of the trading channel. The key price levels for the S&P 500 are 1,400 and 1,425 on the topside and 1,375, 1,350, 1,335 (50 SMA), and then 1,320 (200 SMA) for pullback support.
No new Power Stock Picks tonight but the Investor Lists from the past several newsletters along with our Commodity Value Stocks blog have continued to outperform the market.
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