Big money doesn’t want a European Solution
As I mentioned yesterday. Papandreou’s proposal for a referendum should be the template for a worldwide vote by the people. These days it seems everybody is talking about who is a populist and who isn’t and this morning on Morning Joe there was the lament that over 5o percent of the population argees with OWS or the Tea Party. And yet there are no Conservative Populists and ironically few Liberal/Progressive Populists, even Obama fails the test as 74 % of the respondents to the new NBC/WSJ poll say he has been to easy on big money and Wall Street. I guess by definition a true populist has to come from the middle class worker, campaign without benefit of big money support, and not have Harvard or Yale in his/her pedigree. Cain had a chance on this score, but it turns out he is back stopped by the Koch brothers and likes to chase women. So the population is still waiting.
Back to the markets. Big money has the long Gold/short Euro trade on big time and want to see Europe meltdown. Yesterday’s market action on gold from a technical standpoint was disappointing and would have meant something except that everything moved together, gold went up, oil went up and stocks went up. As such I am waiting for the markets to break apart before making any decisions on my short Gold posture.