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Home » Spanish 'Rescue' : Ready, Fire, Aim!
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Spanish 'Rescue' : Ready, Fire, Aim!

RamkiBy RamkiJune 11, 201212 Comments2 Mins Read
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In an attempt to plug the leaks before the dam bursts (read Greek election results) Eurozone officials have agreed on a bailout for Spanish banks. However, a few points are relevant: It is not Spain that will determine how much the banks need, but the Eurpoean Commission and other outside experts. Secondly, while the commitment is for EUR 100 bln, (which is an overshoot of what many thought was actually required), some now think the real extent of funding requirement may be even higher than this number. Thirdly, as of now, the package comes with the guarantee of the Spanish Goverment, which probably takes the sovereign debt to unsustainable levels. On top of all this, the money is not going to arrive until later this month, and even then after a positive vote from all 17 members of the Eurozone. Meanwhile, the markets are rejoicing. (Are they really happy with the Spanish rescue, or are they anticipating further injection of liquidity? It doesn’t matter, really!) What matters is we are in an upswing today. The key question is how long will it last. Hmmm. This is not a technical update! Just some thinking aloud while waiting for the next Elliott Wave signal to emerge.
P.S. I recommend that you read Nouriel Roubini’s article written about a month ago.

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Previous ArticleRamki discusses elliott waves with Forbes editor John Dobosz
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View 12 Comments

12 Comments

  1. sriavvy on June 11, 2012 1:19 am

    sir ur thinking also comes with ur experience…..it is very precious thought for us who have a guru like u…..

    Reply
  2. Raunak Agarwal on June 11, 2012 2:04 am

    Point Taken. EW’s across all major assets are indicating down sides. But then, what happens on Global Policy front will determine how Wave counts play out. Anyway being TA’s seeing market rally before a major event does make one cynical.

    BTW, a very good book on EW indeed. By far the best I have read on the subject.

    Reply
  3. Rajendra on June 11, 2012 3:56 am

    Lovely title. In few words you have encapsulated the confusion & panic in global financial system.

    Reply
    • Ramki on June 12, 2012 3:46 am

      Rajendra, Thanks you

      Reply
  4. mark on June 11, 2012 4:34 am

    Hi Ramki, thank you for your latest posting. You asked for a reminder on nzd a while back and if you were to find time for it in weeks ahead I would be glad of it. Many thanks, Mark

    Reply
  5. Ankit on June 11, 2012 4:53 am

    Dear Sir,
    If u can update a count on Base Metals Like Nickle, Copper ,Lead ,Zinc & Aluminum in INR it will be very helpful for us .

    Reply
  6. Dr Sanjay Pote on June 11, 2012 6:56 am

    Dear Ramki, welcome back. Hope you had a wonderful vacation. Missed you for a while.
    Regards
    Dr Sanjay Pote.

    Reply
  7. KB on June 11, 2012 8:40 am

    Hi Ramki,
    Hope you had a good trip, on waiting for an Elliott signal, I’m tracking as wave 3 of 3, (started today), it is of course dependant upon the dollar and what it does,

    Reply
  8. Karuna Kanagaratnam on June 11, 2012 2:08 pm

    Hope you enjoyed your travel thru the US. I had hoped to have a chat. Maybe next time.

    Saw your Forbes interveiew.

    Well done.

    Karuna

    Reply
    • Ramki on June 12, 2012 3:45 am

      HI Karuna, Thank you for your message. I hardly spent anytime in DC, but I could have called you! Sorry.

      Reply
  9. dan on June 16, 2012 12:54 pm

    Welcome back from vacations,
    I hope you had a wonderful time!

    Reply
    • Ramki on June 18, 2012 2:49 am

      Dan, Thank you very much. Glad to be back.

      Reply

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