This is a market only a mother could love. Let me line it up for you.
Greece is about to default (they will default eventually), Italy, Portugal, and Spain will likely come next, in that order, China is building infrastructure no one is using and the credit crisis that is about to take place in Europe with banks unwilling to lend to each other is going to put a wrench in the funding of that system unless the Chinese government lends money to developers themselves (possible but not likely). The macro situation in other terms is hellishly bad.
The sentiment is terrible as well, just look at the news flow. Every single day now we have finance ministers lying to us, lying to each other, and lying to themselves about what the reality of the situation is in Europe and what they plan to do about it. Listening to a finance minister say that his country won’t default or his banks are in good position is like your 23 year old boyfriend saying “please trust me, I didn’t cheat on you”, the fact that they even said it means they’re lying.
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