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Phil's 2:55 Comment In Member Chat On The Week Ahead

Apr. 13, 2012 3:38 PM ET
Philip Davis profile picture
Philip Davis's Blog
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Next week/Chas - I think this was a very disappointing week and that we have only weak bounces off our bottom, made worse by the fact that we've been rejected on our strong bounce lines (40% retraces). Europe is significantly lower than us, with the CAC now down 12% in 30 days and the FTSE and DAX down about 7.5% so more than 2.5% gaps and Spain is in the process of blowing up and you have French elections with socialists looking ahead and Greek elections where Fascists are expecting to get seated in Parliament so, on the whole - I sure as hell don't THINK we'll have a good week next week.

Earnings might save us but they didn't help today - as I've been saying since March, we are pricing in earnings that aren't going to happen. If not for fear of Central Bank manipulation - I'd be gung-ho bearish.

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