Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 24th of August.
Earlier today, German Chancellor Merkel along with French Prime Minister Hollande made another "warm and fuzzy" statement directed towards Greece. They both agreed that they want Greece to stay in the Eurozone. What it possibly implied was, "we are nice guys, so don't blame us when we kill you". It was a classic political touch.
It reminded me of a scene from the Godfather movie... first you sit down with someone who thinks you are their friend, have an enjoyable glass of wine and tell them what they want to hear, and then you kill them!
In this case Merkel and Hollande are not killing a person, but rather an entire country. Sooner or later, Greece is going to leave or get kicked out of the Eurozone. It is just a question of when it is going to happen.
P.S. Anybody want to buy the Greek island?
Most markets are lower for the week, with the exception of the metals, energy, and the CRB commodity Index. The commodity markets are all indicating that inflationary pressure is headed our way. So stay sharp, and protect yourself with our Trade Triangle technology.
Next week marks the last trading week of August and also the beginning of the Republican convention in Tampa. All eyes will be on Tampa, the hurricane, and the Republican convention. Look for these events to overshadow the markets.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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I don't know how I would handle Greece if I were in some position of power. I understand they have almost as many Lamberginins as swimming pools. I have heard that if you actually pay taxes in Greece, you are considered a fool. My wife's nephew was in Greece two years ago with his family and was having trouble getting to the airport because of a taxi strike. He ended up paying some greek guy $50 to take them. For such a small country, 13 million, they sure have caused a lot of trouble. It seems as though the country of Socrates, Plato and Aristotle has decayed badly since their golden age.