Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 2nd of August.
As we mentioned on the MarketClub TV show yesterday, no word from the ECB or Mario Draghi spells doom and gloom for the markets. Talk is cheap and the market wants to see concrete action, not talk.
Remember Italy, Spain, Greece, and others owe a boat load of money. We do not believe there is any plan in action and politicians are just thinking of more and more ways to kick the can down the road.
We expect the market to be on the defensive for the balance of the week.
