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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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  • ETF SPY: Bullish Hopes On Europe 0 comments
    Jun 6, 2012 8:45 AM | about stocks: SPA

    The European Union announced a plan Wednesday for a continent-wide banking union that would deal with future banking crises rather than leave them in the hands of already struggling national governments.

    The proposal would include a single EU deposit guarantee organization covering all banks in the union, something similar to the FDIC that covers U.S. bank deposits. There would also be a common authority and a common fund that would deal with bailouts needed for the cross-border banks that are major players in the European banking system.(click to enlarge)

    Stock index futures rose on Wednesday on signs that European officials are urgently exploring ways to rescue Spain's debt-stricken banks and on hopes of further stimulus from central banks to tackle the euro zone's debt crisis.

    Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc. (BRK/A), said he expects the U.S. economy to avoid another recession as long as Europe can contain its debt crisis.

    There won't be a recession "unless events in Europe develop in some way that spills over here big-time," Buffett said yesterday at the Economic Club of Washington, D.C. He answered questions from David Rubenstein, co-chief executive officer of Carlyle Group LP (NASDAQ:CG), the world's second-largest private equity firm.

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

    Stocks: SPA
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