Saturday, May 29, 2010
Phil Flynn: The Manic Month Of May
The market feared that the PIIGS (Portugal, Ireland, Italy, Greece and Spain) would bring down the global economy. We even had a mini “flash crash” as protestors surrounded the Greek Parliament. Oil fortunes both good and bad have been dictated by sovereign debt fears but also because of a back drop of a massive over supply.Yet oil has staged an impressive comeback. Rumors that the Chinese were going to reduce their holdings of European debt and euro currencies were denied and that seemed to ease the markets' concern. The denial sparked a massive across the board commodity and global stock rally. We also had end of the month short covering as many traders headed....Read the entire article.
Get 4 FREE Trading Videos from INO TV!