Europe Remains an Albatross

For European equities, the technical situation remains dire. Markets there remain locked in the same bear market that started in 2007 and has rolled on for the last four and a half years as the Europeans move through a series of ineffective half-steps to resolve the debt crisis. The price action in the European equities market has transformed from the panicked declines we saw in 2008 into a meandering "rolling" bear-market environment.

In this situation, equities outside of the current European flashpoints -- such as Germany and France -- are unable to gain any real upside traction. Meanwhile, the points of bearish pressure -- i.e., Spain and Italy -- are breaking down to new multiyear lows and reasserting their bear market structures. The crisis rolls on -- and we suspect that, at the end of the day, the European markets will form large multiyear base formations before they'll be able to find any sort of bullish traction. We also suspect that Europe is a long way away from that resolution, and that the European markets will remains locked in a bearish price structure for quite some time....325 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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