This is a repeat of the Toyota recommendation, buy at $71.50 and hold at least to $80 as at a minimum we should get an a-b-c structure, which we do not (yet have). There is also the gap at around $83 that may attract the stock. In any case, so far so good so use a stop loss if you are playing this one big.
It is difficult to rhyme the S&P with the TSE, they seemed to be a little out of phase with each other. In the S&P the last leg down looks more like a new wave down whereas in the TSE the idea of a B-wave seems more plausible regardless of the appearance of 5-waves down, Certainly the possibility of the action over the last few days being a wedge (has to be a c ) would make that imperative. Even so the wedge may be a simple a-b-c as well so I would not dwell too long on this. Here the important thing is that whatever the pattern in either the S&P or the TSE, we are at the cusp of a big down-leg.
Airlines, have a capital structure that almost guarantees that at some point they will go bankrupt, and, if insanity is defined as doing something again and again in the expectation that the result will be different , only the insane would continue to own FAA. The case for the emerging markets is only marginally less compelling. Here are the charts.
No analysis here, just a reminder how good things can be, for a while.
Greece is a great country and the Greeks have a certain “savoir vivre” (for Canadians lacking the French part of the equation that means , roughly, “understanding of life”). They are passionate about their affaires ( only a Greek like Aristotle Onassis would have the guts, or grace, to pick up a Kennedy), hate their enemies equally ferociously ,particularly the Turks , but love throwing plates around the place as I learned in the Plaka while trying to escape without eating the appropriate desert. Also it is the last country on the European mainland to tolerate a dictator (Papadopoulos) long after Franco and Tito were de facto gone. Despite all that the economy’s basic rules apply there too. Here is the chart (no less than a total return chart!) of the Athens stock exchange index.
You already would have lost 75% (remember total return!) at the recent low and now it looks like you are going there , and perhaps beyond, again. Of course Nana Mouskouri makes up for all that, but what is more worrisome is that the State of California is only 1% less profligate than these fellows and all they have , for the moment, is Schwarzenegger.