Cobra's Market View

Quick update on ESU1... 1147.50 (25 points below Friday close) -2% !
Reasons : US recession in the tube and European mess (Greece + banks).
Currently seems a bear flag... target 1100 tomorrow or later....

Happy Labor Day!

Here's a quick look at the equity markets.

Italy -5.3%.

Germany -5.5%.

France -4.9%.

Athens -3.1%. That index is now down about 50% since March.

Greek 2-year yields blew past 50% for the first time.

Meanwhile, banks are getting destroyed.

Deutsche Bank is off over 8%.

Credit Suisse is down 8.8%.

Italy's UniCredit is off 7.4%.

And the major US equity indices, fresh off their ~2.5% losses on Friday are down another 2.5% or so today.

Drink up!

Read more: http://www.businessinsider.com/european ... z1X5mY1dgN

Here is the wonderfull world of GREECE !
2Y = 50%
10Y = 19%
CDS 5Y = 23%
And European governments still say : Greece will be ok ! OK, we will see...