Desperate Optimism and Unlimited Promises Don’t Equal a Solvent Financial System
IMF Director Christine Lagard is “optimistic” about the world. In terms of Europe, she believes that the ECB is the only Central Bank that has “a bit of space” to work with.
It’s a good thing Lagarde is optimistic about things and believes the ECB can do more… because European markets are rapidly losing optimism and will be likely needing that extra “space” form the ECB in due order.
Italy stopped being in an uptrend months ago and is now in danger of taking out major support:
The same goes for Spain’s Ibex:
Even Germany’s stock market, the DAX, is breaking down in a big way.
Most importantly for Mario Draghi, European financials are now in a clear downtrend:
Get that “extra space” to move ready, Mr. Draghi. Your promise to provide unlimited buying of bonds might get put to the test!
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Thank you for reading!