Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 5th of September.
In a leaked letter, the European Commission, European Central Bank, and International Monetary Fund are calling for Athens to implement a six day work week as part of a bailout agreement. Sounds great on paper, but how would you like to be the people of Greece? No country, including Greece, enjoys being dictated to by an outside power. Make no mistake about it, Greece is going to have to drop out of the Eurozone.
Tomorrow all eyes will be on the ECB chairman, Mario Draghi, as he announces the details of his bond buying program. If it is deemed not enough, the markets will tank.
More bad news for the US, the World Economic Forum (WEF) released on Wednesday that the US had slipped two spots in global competitiveness. This marks the fourth year in a row that the US has moved down. Last year, the US was ranked fifth in the world and now it is ranked seventh in terms of global competitiveness. Not good news!
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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