This is an interday chart of the ICEX-15 Index. It is down 3.74% today. This week I had a poorly timed article out that followed up my first article for RealMoney. In the latest article I talked about the long-term theme being in tact but people worried about the next year should probably stay away.
The krona is also getting hit today as well, it is down about 1.5 kronas vs. the green back. Because of my schedule I haven't had time to find if there is any news today.
For anyone who is curious the CEO of Glitner Bank, Bjarni Ãrmannsson, was on CNBC Europe. You can get the interview here.
One comment I made in the article is that from the outside looking in, people say it will be bad. From the inside looking out people say it won't be that bad. Who can say how it will really play out? The reaction so far as been extreme, on the verge of panic. I am standing pat but more panic seem probable.
This is a fascinating story.
1 comments:
There were interviews with guests on CNBC Worldwide Exchange this AM about both countries. Further devaluation of the krona and NZ dollar were both predicted (.58-.59 on the NZD) as well as a hard landing. The speaker felt that other emerging markets like Saudi Arabia, Peru? were looking more extreme than these two. Tom in Indiana
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