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Michael Noonan wasn’t handing over these vast sums of cash from a bankrupt nation to vulture capitalist gamblers because he thought it was a good idea. He was doing it because there was a gun to his head. The threat came from the European Central Bank and it was as crude as it was brutal: give the spivs your taxpayers’ money or we’ll bring down your banking system.
Thinking about it a little bit more, what happened to Mr. Gaddafi, many speculate the real reason he was ousted was that he was planning an all-African currency for conducting trade. The same thing happened to him that happened to Saddam because the US doesn’t want any solid competing currency out there vs the dollar. You know Gaddafi was talking about a gold dinar.
10 HANDLE RULE
Over many years of watching the S&P we believe that the S&P often move in 10 handle increments. For example, the S&P may open at 1194, trades up & down & all around. By mid-morning it makes a low of 1188 area. The equities then proceed to retest THAT 1194 area and slowly trend higher throughout the midday (to our previously mentioned resistance area) 1198 (1188 + 10) area. That is when the 10 handle tendency / rule goes into…Continue