The sordid story of Globalization is to ignore the people doing the heavy lifting, who are under the greatest duress to keep this shit show running. The four-year Cirque du Greece was in town, so few noticed that Walmart-land which is 162x Greece in population, was imploding. Chinese investors just lost 10x Greek GDP in 2 weeks...
The Shanghai Composite is now down 30% in two weeks (which requires a 43% gain from this level to recover the losses). Meaning game fucking over.
This week, Greece, a country of 11 million people, inadvertently monkey-hammered global markets and forced Etraders to go "RISK OFF" for the first time since last October.
"The damage to the Nasdaq in four days of losses undoes six weeks of gains...At this stage, there are very few shares setting up in the basing patterns that most often lead to upward revaluation."
In the meantime - while everyone was focused on a country with a population smaller than Cairo, another country, home to 1.3 billion people and the world's second largest economy was melting down...
BBG: July 2, 2015
Below are the current dispositions of key global stock markets...
The S&P broke its three year trend line and was stick saved by its 200 day moving average:
Shanghai Composite with S&P in background. The party is over...
UK FTSE
Canadian stocks
Aussie
Eastern Europe
Middle East
"It was a bad week to be sniffing glue"
