29/06/2012

EURO and main indexes rally in Asia.

At CET 03.00 the EURO, DOW, SP500 suddenly rallied in Asia and that rally is still going on at 08.00 when DAX opened with a big gap.
The news from early this morning from the EU meeting were bad, not good in my opinion. Yes the Italian and Spanish banks will get help directly from EU but the enormous difference of opinions between the main countries shows that EU will have great difficulties to do anything  to help the euro now in a longer perspective.  Anyway the short term trend is still up. The question is when Europe and the US opens this last trading day of the month and on a Friday how the traders will see this night meeting in Brussels. No big trend has changed. To me it looks like a short covering rally that soon will stop.

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