By John Galt
September 4, 2011 – 21:45 ET
Honestly I thought we might see a bit more of a violent reaction to Friday’s trading and technical breakdown of our markets but it has yet to materialize. If the world is stupid enough to be waiting on a pre-game speech from The Regime for guidance, than the world is going to be sorely disappointed. The bigger problems (yes, bigger than unemployment) have always been in the financial system in Europe and the U.S. If there is any bounce on Tuesday and Wednesday, it will be quite short lived and probably result in the massive final retest (and violation) of the 1101 level on the S&P.
In New Zealand, only down 0.93% just after 8:30 p.m. ET:
Australia, also a yawner:
Nikkei 225, no big deal:
Gold seems to want to retest its highs, however:
I honestly think everyone is waiting to watch the dominoes this week and next before acting again, but any bad news out of Europe tomorrow will result in a massive sell off in the U.S. on Tuesday. Italy will be the key to watch the action in the morning.