From Michael Block at Phoenix Partners, some thoughts on what’s about to come.
Key things to watch overnight: 1) Cyprus’s next cut at a deposit tax plan; and /or 2) The next gambit from the Troika/ECB/Germans in averting disaster. Remember that even if Cyprus is “allowed” to leave the ECB/Troika won’t allow it to leave a gaping hole. ECB would pump in liquidity to clean up the mess and would provide assurances of no repeats in Spain, etc. The wild card is how Russia reacts to all of this. Don’t forget the FOMC decision at 2PM tomorrow, followed by Ben at 2:30PM. All this turmoil gives Ben ammo to sound more dovish. That is key and has me a better trading buyer into the close here.
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