As expected we saw a down day Friday, ending down 16.16 points or about 1.45 pct. I do think that a Triangle is building and if so, we still need to finish the e-leg before wave v down below the wave iii low at 1,065.79. Ideally we should see a move closer to the 1,045.I wouldn't be surprised to see the Asian and European markets trading higher on Monday, as the Euro-countries have granted Greece a loan of EUR 110 billion. As I'm writing this the EU Finance ministers is talking about some kind of EU-Fund, which will be able to loan or guarantee a EU-country which gets financial trouble with up to EUR 60 billion. Considering that Greece alone needs EUR 110 billion (which most likely isn't enough) then EUR 60 billion is just a laugh. Also considering that all EU-countries is paying even Denmark, Poland, Czech, Hungary, Sweden, UK etc. all countries that is not part of the EUR. That is just crazy, why would they or should they loan Greece, Portugal or Spain anything. These countries has had a ball the last 10 years and now the bill will have to be paid and they will not do it them self. Shame on them!
Even worse is that the EU politicians blame the financial markets for their mistakes and saying, that it's the financial markets that are causing this financial risk. They did it them self and the financial markets is just showing them, that they have chosen a very wrong path. Blame others for their mistakes. Shame on them!
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