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Tradesmarter Premium Intelligence Briefing - Aug 10th
With US markets closed for Independence Day this evening, trade in Europe is likely to be on the thin side. Last week’s huge gains in the US and Europe were a perfect storm; a lot of participants got caught short in an oversold market ahead of end-of-quarter re-balancing/window dressing.
Stocks in Europe rose as banks and miners gained, but Greece's fate capped further gains on equities. Mike Lenhoff, chief strategist at Brewin Dolphin, said: "What we are seeing today is some respite from what has been a fairly steady bout of profit taking which produced oversold conditions.
One stock market prognosticator's look at a rebound in the financials. Will debt and credit markets open up again? Will investment banking advisory fees come back?
"The answer seems to be that the great times are gone forever, but survival is nearing certainty and good times are not as far off as they seemed..."