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European shares close sharply lower, with some of the loss being catchup for yesterday's day...

European shares close sharply lower, with some of the loss being catchup for yesterday's day off, but the rest from continued sovereign debt concerns - the yield on Spain's 10-year +22 bps to 5.98%, a 4-month high. Stoxx 50 -3%, Germany -2.4%, France -3.1%, Italy -5.1%, Spain -2.9%, U.K. -2.2%. The euro -0.2% to $1.3080.
Comments (15)
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    Wow!

     

    Hate to be an Italian investor - this really smells like a panic.

     

    That Italy number really stands out. Nasty chart:

     

    http://bit.ly/IwZluf
    10 Apr 2012, 11:56 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9932) | Send Message
     
    CW,
    And is it just starting? Where are the bulls and the buy-the-dippers today?
    10 Apr 2012, 01:03 PM Reply Like
  • WMARKW
    , contributor
    Comments (10277) | Send Message
     
    UI, good luck with that.
    10 Apr 2012, 01:14 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9932) | Send Message
     
    WM,
    Most of the talking heads keep plugging the buy-the-dip strategy. Doesn't look like they are anywhere to be found for the last few days. Personally we were buying puts for the last few weeks for the first time in over two years, and mighty happy that we did. Some are up almost 100% already in just the last few days.
    10 Apr 2012, 02:27 PM Reply Like
  • rsusich
    , contributor
    Comments (9) | Send Message
     
    Greece cannot begin to pay down their debt. Italy, Spain and Portugal, all suffer from the same disease-"socialism". The United States of Europe idea, as a numbrr of learnrd people here was doomed to failure. The unraveling of the Europa is strarting. Anarchy is now a common event in these countries. We will not escape that collapse.
    10 Apr 2012, 01:23 PM Reply Like
  • cain99
    , contributor
    Comments (11) | Send Message
     
    You are partially right, but calling "anarchy" as a common event in those countries, and putting in the same basket Spain and Italy with Greece it doesn`t make sense ...
    10 Apr 2012, 06:37 PM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    Looks like people are starting to grasp the reality of Europe and it's effect on the US markets. We should've never had this market hitting multi-year highs when Europe was at the cusp of collapse.

     

    I guess being a few months late is still being wrong though.
    10 Apr 2012, 01:32 PM Reply Like
  • WMARKW
    , contributor
    Comments (10277) | Send Message
     
    SA....dont' worry, the PPT will continue their efforts to prop up the market in the interest of "national security."
    10 Apr 2012, 01:40 PM Reply Like
  • Tack
    , contributor
    Comments (13034) | Send Message
     
    No, looks more like all the panicky gerbils have emerged from hiding to proclaim a new end of the world just because we have our first minor dips in months. Some things never change.
    10 Apr 2012, 02:35 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    Tack,

     

    Italy being down 5.7% in a single day is not "minor dip" where I come from but to each his own I guess. It is down about 20% in a month as well and that one year chart, well that looks like death to me.

     

    I just looked at the 5 year chart which looks like exactly the Nasdaq after the bubble burst - amazingly down around 70%!
    10 Apr 2012, 04:12 PM Reply Like
  • Tack
    , contributor
    Comments (13034) | Send Message
     
    CW:

     

    Italy is just one market. Bet you could take world indices almost every day and find a daily horror story.

     

    Declines from 2012 highs:
    DAX -7.7%
    FTSE -4.0%
    SPX -4.2%

     

    After a 12.8% run-up in the SPX since the year started, these small corrections are just typical noise. If the SPX breaks support at 1343 and then 1312, then we can reassess. Short of that, it's shopping time.

     

    As for Italy, TI and EWI are on my to-buy tracking list.
    10 Apr 2012, 05:05 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1802) | Send Message
     
    Tack,

     

    Italy was the point of my post.

     

    By the way forget 2012 highs/lows or whatever, it's peak to trough that matters.

     

    Thank God the US is ahead because the rest of the world is in major decline and that's not "doom and gloom" that's just a fact.

     

    If all you do is invest in the US then you are a lucky guy this time around.
    10 Apr 2012, 05:26 PM Reply Like
  • Tack
    , contributor
    Comments (13034) | Send Message
     
    CW:

     

    The point is that the market behavior, so far, is a yawn.
    10 Apr 2012, 05:30 PM Reply Like
  • Pierre Sookiew
    , contributor
    Comments (41) | Send Message
     
    In 2012, Spain is going to shake the euro zone !
    10 Apr 2012, 03:10 PM Reply Like
  • gggunchi
    , contributor
    Comments (6) | Send Message
     
    Expect more technical defaults by Euro sovereigns this year.

     

    What we saw in Greece in 2011 (austerity, (in)voluntary haircuts, Technocratic governments, etc.,) will be repeated in Spain, and Portugal & Italy, save the technocratic government. The Italians already have Monti.

     

    Things to watch -- First round of French elections -- Expect Sarkozy & Hollande to go onto a runoff, of which Hollande will win. The shooting recently in France was a huge injection into Sarkozy's conservative base to get behind him, however once the far Left and Communists in France get behind Hollande he shall be a tough candidate to overcome.

     

    Greek elections next Month. The popularity of the two parties which are pro-austerity is below 50% combined. If this doesn't improve expect Greece to become front and center all over again.

     

    Buckle your seat belts all . . .
    10 Apr 2012, 10:19 PM Reply Like
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