I rudely mentioned on my twitter a couple of days ago that the EU summit was just going to be a nice dinner, and that nothing would actually be decided. And guess what this is exactly what happened. Pre-market is down and $SPY wants to re-test those lows. I cannot emphasize enough how hard it will be for us to be able to clean up this Europe crisis fiasco.
Two days ago, I was talking to my trading colleague Ryan Mallory (@shareplanner), and I told him that here in the US when we had the crisis, that it happened fast, vicious, and trying to make a long story short, just an amazing blow to the head of everyone.
In Europe it will not be the same, the politicians and their ego will try to marinate this as much as they can, so they continue to seamless pass the illusion that everything is under control, while the market knows that eventually the house ceiling will fall hard. I say European politicians eat ham, and burp turkey. I hope you get my point.
