RE: Gap up TomorrowYes we are opening higher today....gold, silver, and oil all up overnight. Buckle up the trend has reversed and we are set to run much higher this next leg. They are calling this commodities wave the most explosive "C" wave. Let's see if they are right. If so, I'm loaded for the run. Greece is screwd and headed for default, could this be the catalyst to the rocket in commodities? Read article from Bloomberg below just out this morning.
European Central Bank officials ruled out a Greek debt restructuring, clashing with political leaders over a solution to the sovereign financial crisis.
“A Greek debt restructuring is not the appropriate way forward -- it would create a catastrophe” because it would damage the banking system, ECB Executive Board member Juergen Stark said today in Lagonissi, Greece. Fellow board member Lorenzo Bini Smaghi said in Milan that “a solution for reducing debt but not paying for it will not work.”
European Union finance ministers for the first time this week floated the idea of extending Greece’s debt-repayment schedule as the nation struggles to meet the terms of last year’s 110 billion-euro ($156 billion) rescue. EU officials say that Greece won’t be able to return to markets and sell 27 billion euros of bonds next year as scheduled under the bailout, leaving them searching for alternatives to avoid a default.
The yield on Greece’s 10-year bond rose 5 basis points today to 15.7 percent, more than twice the rate at the time of the bailout a year ago. The country’s two-year bond yields almost 25 percent.