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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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Trade Options Profitably Weekly
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SPY Technical Analysis
  • ETF SPY: Hello Europe Goodbye Markets! 0 comments
    May 9, 2012 8:26 AM | about stocks: SPY

    Current Events Influencing Markets

    Stock index futures fell on Wednesday, mirroring European shares on concerns over the teetering state of Spanish banks.

    Spain will demand banks set aside another $45 billion against loans to(click to enlarge) builders as it battles to rebuild confidence, sources told Reuters. Huge bank losses have raised fears the country may need an international bailout.

    Possible fallout after elections in Greece has also dented sentiment. Leftist leader Alexis Tsipras was to meet the heads of Greece's mainstream parties Wednesday to try to form a coalition government. But the effort was not expected to succeed after he demanded they first agree to tear up the country's EU/IMF bailout deal.

    "Political turmoil in Greece raised concerns that the nation may not implement austerity measures and worsen Europe's debt crisis," Ken Kajisa, an analyst at broker ACE Koeki Co. in Tokyo, said by phone. "Risk aversion by investors increased, leading to sales of industrial commodities."

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY
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