As if yesterday's decision by Moody's to put Germany, Netherlands and Luxembourg under NEGATIVE watch, the rating agency followed it up by putting EFSF provisional outlook to NEGATIVE. Soaring Spanish yield, clueless Fed, risk of Greece exiting euro and potential hard landing in China have been the major factors behind recent global rout. The key question is not whether Italy will join the bailout club as well nor whether Spain will need a full-fledged bailout nor whether Greece will finally exit the euro. The key question is simply whether euro will survive the current storm.
In addition, the Jakarta Composite Index (JCI) chart outlook looks dreadful. Bearish divergence has been formed on the daily chart, volume has been on the rise during the last two down day, and both RSI and MACD formed a head-and-shoulders formation with broken necklines on both indicators have been confirmed. Ready or not, we are staring at 3927.84 as 3996.95 failed to fend off the bears.
Yes, Ms. Kyle. Indeed there's a storm coming. And we better be ready for it.
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