So you wanna trade for a living?
Another 180 degree turn in European session. The deal stinks so far. Selective default is the word. No official release just yet, but market is shooting first and asking questions later. My guess the traders are realizing ECB is going to hell in a handbasket holding bonds which will never get repaid. Greece first and other PIGS later. Not good...
To exacerbate the euro's pain further, Euro Zone, German, and French PMIs cratered. We have a full-fledged slowdown in manufacturing and services sectors. Folks my next paragraph is even more important.
Chinese PMI has come in below 50 overnight. NOT GOOD!
This is a hit below the belt for those who's whole investing premise was: "Chinese growth will offset world economic weakness". Not any more...
Watch for a heavy session in US on the back of this very bleak manufacturing news from the fastest-growing economy in the world.
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