IRELAND and GREECE managed to get good loans to help them survive the decade.
However, the market is still not confident with the EURO. The EURO plunged to 1.30 despite the good deals that these 2 countries were getting. This is because, investors fear that PORTUGAL and SPAIN would also require a bailout.
However, take a look closely at Portugal, their banks are well capitalized and do not need any bailouts. The country might have a large deficit, but isnt the US worse?
There’s no need to talk about SPAIN. BBVA and Santander are one of the world’s best capitalized banks. There’s no risk for these banks as they own so much of the South American banks too.
So, the market is selling at a steep discount today. Traders managed to break through the 11000 mark. And this caused the market to drop so much… to 10920 at one point.
I think the market will go back up. And financials will be the leader as seen today.
BAC and JPM and C are rising hard.
Happy trading.
Today presents itself as a buying opportunity.
Here are some photos from Black Friday sale at Atlantic City Shopping outlets
As usual, COACH always has a long line.
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