Wednesday, 26 October 2011

EU Economic Summit – 26 Oct 2011

EU Economic Summit is going all day. And it is most important event for today. Germany’s parliament is being called on to get behind Chancellor Angela Merkel before she attends today’s critical European summit in Brussels.

Merkel wants the Bundestag to agree to boost the euro zone’s 440-billion-euro European Financial Stability Fund without pouring more taxpayers’ money into it.
A strong showing vote will give her a mandate to negotiate a deal with other leaders aimed at delivering a range of measures to stop the debt crisis from spiralling.
CDU parliamentary floor leader, Volker Kauder said:
“It would be very nice if a large majority in the German Bundestag could give support to the German government for the negotiations taking place in Brussels.”
In general her EU colleagues are looking for agreement on:
The banks taking bigger losses on the money they have loaned to Greece.
A top-up to those banks’ reserves with the help of the public sector.
A beefing up of the EFSF bailout fund and getting the Italian economy back on track.
But at the end of the day will the gathering live up to its title as the summit that rescued the euro?
If we have positive outcome from today's meeting we will for sure see stocks rally and break out long.  If however there is negative news, get ready for new lows.  Keep note of the break out long and short figures below.

FTSE     25 Oct 2011    Pivot Points, Fib Pivots and Camarilla
R35,686.50Fib R35,629.21Brk Out Long5,585.23
R25,630.30Fib R25,589.03Short5,555.37
R15,577.90Fib R15,562.97HL25,545.41
Pivot5,521.70Pivot5,521.70HL15,535.46
S15,469.30Fib S15,480.43LL15,515.55
S25,413.10Fib S25,454.37LL25,505.59
S35,360.70Fib S35,414.19Long5,495.64
    Brk Out Short5,465.77
SPC     25 Oct 2011    Pivot Points, Fib Pivots and Camarilla
R31,273.96Fib R31,263.80Brk Out Long1,244.12
R21,264.08Fib R21,253.66Short1,236.59
R11,246.56Fib R11,247.09HL21,234.07
Pivot1,236.68Pivot1,236.68HL11,231.56
S11,219.16Fib S11,226.26LL11,226.54
S21,209.28Fib S21,219.69LL21,224.03
S31,191.76Fib S31,209.55Long1,221.52
    Brk Out Short1,213.98

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