Slovakia votes NO to expanded EFSF

The 17th member Slovakia of the Eurozone has voted not to expand the EFSF. The key reasons from the 150 voters against the expansion of the EFSF is that Greece is already bankrupt, caused their own issues through corruption / mismanagement of their economy and the banks are all foreign to their country. I agree, well done for not rolling over to the Euro idiots in power.

However like all things in the world, what the 1% elite want they get. Although this may change over the next decade when the 99% take the existing system offline and replace it with a better, fairer and uncorrupted system. So it's likely the Slovakian government will be changed until a YES vote is delivered. So much for democracy in the Eurozone (blatant sarcastic comment) ^^.

Greece to Miss Targets for Bailout Funds

Greece will miss it's cost cutting targets to secure bailout funds from the ECB (European Central Bank) & IMF (International Monetary Fund). However it's unlikely this will result in them not getting the 10 billion Euro bailout as the Greek government has everyone over a barrel. They know they can get away with getting close to the target and continue their free money give away on the back of the German taxpayers and the rest of the European Union. The chance of them not getting the bailout is approximately 13%, so odds are on for everything to carry on as normal with another Technical Default. The more technical defaults that occur will damage the markets over a longer period of time and thus is called a managed default. Banks will inherently need to recapitalise and thus will be selling their stocks and commodities as required along with infusions from central banks and governments. This will probably give losses to shareholders as shares will be removed from the market. This is one of the reasons bank stocks and stocks in general have been dropping along with economic indicators looking to indicate a upcoming recession. The only bright spot is Christmas will bring spending to the high streets, however if this is less than last year then be ready for further selling. Although the oil price has been dropping it's not been reflected so much at the pump, so this is worrying. The dollar is rising which is helping the commodity falls, the dollar is also rising mainly from money moving from risk assets back to perceived safety. All good fun so keep watching here for insights and key information which will make you money.

S&P 500 Closes Above Support

The S&P 500 closed above support finishing at 1129, this is a strong positive for the market, I made a buy trade at 1121.

Support Breached on the S&P 500

1119 was broken on the S&P 500 around 15:25 CET / 20:25 UK time. It's important that the S&P 500 recovers above 1119 at close of the day.....

Global Stock Indexes as Expected Hold at Support Levels

The key support levels shown below (S&P 500, Dow Jones Industrial Average, Nasdaq & Russell 2000) are holding, the key support levels being the 1,121.09 line across the chart below. If we breach 1101 on the S&P 500, sell your stocks and buy back in at 1010. Check live Global Stock Indexes at the end of the Blog.

Banks sell assets after Fed statement

The Fed twist program wasn't enough for the banks, they clearly wanted more free money to repair their balance sheets and pay bonuses for Maserati's. Banks sell the FTSE 100 down 5% along with the German DAX. Basically they're all running for the hills with the stock market profits before other competitor Banks, ensuring what profits they've made is retained. No new money means no money for the banks to deploy to markets, the key test is whether support is broken on the major indices, if so then I suggest you run for the hills also!

Losses at UBS increase to $2.3bn

Apparently they have now established a special committee, WOHA. Why do these idiots never consider being proactive and have a quality control department before hand monitoring accounts and transactions. For if transactions are monitored they can ascertain whether the traders books are good or bad. In fact are not all trading systems computer driven and thus fully accountable, I'd say YES. You would expect that they account impeccably.

I think what we have here is UBS turning a blind eye so they didn't have to deal with this during the great 2008 crash, or they hoped that his big bets may become good? I think this seems more likely, considering the supposedly new rules introduced by the FSA after the last Barings Bank scandal. But we all know the FSA are as weak as a wet blanket if not corrupted at the top. So I guess the FSA rules where just as ludicrous as the rules which allowed a UK Prime Minister driven light touch credit frenzy from 2002 onwards.

Share prices down next week I think, particulary as we're at the top of the current range and the news is suprisingly turning negative. Surlely not the newspapers working with the banks, that wouldnt happen now would it Mr Murdoch.