The market notched another triple digit day, this time to the upside. When you see volatility like this, you can expect a big move coming very soon. News out of Europe continues to be the catalyst, irregardless of Ben Bernackes pledge today that they will do what it takes to keep the economy on pace.. ie. Quantitative Easing #3 is ready to go and in his warchest if needed.
Futures are down at the moment, indicating a 1% haircut at the open:
| US 30 | Dec 11 | 11655.00 | 11768 | 11800.00 | 11614.00 | -113.00 | -0.96% | 5:19:00 |
| US SPX 500 | Dec 11 | 1220.95 | 1234.25 | 1237.95 | 1216.95 | -13.30 | -1.08% | 5:18:34 |
| NQ 100 | Dec 11 | 2298.80 | 2314.5 | 2324.40 | 2291.20 | -15.70 | -0.68% | 5:18:34 |
Headlines out of Europe that France and Germany have given Greece an "ultimatum" , has world markets on edge once again. We will see how this pans out. A greek default may have devastating effects on the market short term, although long term it may be a better option then the current scenario.
What will stop other countries like Italy or Portugal to get the same deal Greece is getting? Let them default, deal with the consequences, and move on.