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All About Europe

September 7, 2012 – 5:09 pm

Draghi, the ECB president, announced a resumption of a bond buying program as an effort to reduce European debt rates that have significantly hurt Spain and other severely indebted countries in the EU. The market wanted details and he gave some.

This was the first hurdle facing Europe for the month of September. The next one will come from the high court in Germany that is determining the constitutionality of Germany’s efforts to provide money to the EU for stabilization. Mind you they have already provided or committed the funds so what will happen if the court decides against the politicians’ action is unknown. The court may well agree with the politicians but, as in our courts in the U.S., there may be some rather strong strings attached.

Eyes are still on Europe though news from that region for August was rather muted. This month things will be different and we can already see that volatility in our stock market is going to increase. So far it has been ‘up’ volatility.

Good Trading
Steve Peasley

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