European Nastiness

There is some really nasty nasty news going on in Eastern Europe. Reports are starting to creep out in Western Europe this week. It won't be another 3-5 business days before the main American presses start publishing the foreign headlines. Some Eastern European countries are basically on the verge of monetarily collapsing and will need to be bailed out by larger countries.

The fact that oil has broken below previous lows as well as financials leads me to believe that the rest of the market (now at its support levels) will soon follow. Obama is coming out with details for another bailout tomorrow however, so the markets may attempt a small rally on that news before the big boys sell into it.

Also, inside track...remember Oct and Nov of 08? Remember all the forced hedge fund liquidations that sent the markets sprawling? A report came out today that brokerage houses are reducing funding and cranking up pressure on hedge funds. More forced liquidations will be gasoline on this fire.

Sorry for such a long post but there is going to be a lot of stuff hitting the fan this week.
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