What Happened To The Euro Deal Euphoria?
By Balance Junkie: November started out much the same as October. Global markets plunged. By October 4th, however, most indices had bottomed and proceeded to embark on a historic month-long rally in anticipation of some kind of tangible action to quell the eurozone debt crisis. As of October 30th, Toronto’s TSX was up about 7.7% on the month while the S&P 500 was up a whopping 13.5%. Those gains moderated somewhat to 5.5% and just shy of 11% respectively because of the Halloween dip. So what caused the October bounce and subsequent fall from grace? Perhaps there were just enough rumours of a eurozone debt solution throughout October to float some hope and squeeze some shorts. Perhaps it was the improved U.S. GDP stats and hopeful earnings reports by some large U.S. corporations. Perhaps it was the prospect of China coming to the rescue with their big bag of reserves. Perhaps it wasComplete Story »