PSEi 4,290.59. +79.55 points. + 1.89%.
I cut ICT and SCC today, leaving 9 active bets in the market. Today’s spike probably bought most of those a reprieve, but I’m checking the charts later to make sure.
Take note, the coordinated action of central banks does not solve the fundamental problems of Europe’s currency union, it only buys more time for a functional agreement to be hammered out. I personally doubt the latter will happen in time to avert a European financial meltdown. The 2-year trend has been that of moral suasion, lack of agreement, a lot of delays and constant underestimation of what it takes to eradicate the problem.
I think world markets are in for a monumental, catastrophic disaster of epic proportions. It should happen next year, but I wouldn’t be surprised if something economically horrific happens this month. Be on your toes!