No summer rally this year. Europe is looking a lot worse than the US. We just need to have politicians start drawing some red lines in the budget or raise some taxes. In contrast to the United States, the European Union has a constitutional problem: Serious sanctions against members who go into deep debt are nowhere to be seen on the horizon as of yet. As long as Europe’s politicians fail to solve that problem, the euro will lurch from one crisis to the next. America’s problems seem almost trivial in comparison.Woowee! Now that's a beatdown! Dow down 635. S&P down 80. Russell 2000 down 64. Small cap stocks fell 7% today. Large caps were down 6.7%. The S&P is down 13.4% in August, the worst start to August ever.
Watching America : » America Is in Better Shape Than Europe