Date: Wednesday 20 Jun 2012
Excuse me for stating the obvious but it has been highly volatile for the last two weeks. Volatility has dominated the markets for some time now but the good thing is that it produces some interesting trading situations if you can stomach the risk.
Focusing on Santander, it was interesting to see how the price rebounded and quickly recovered from the 61.8% Fibonacci retracement of the prior rally. As long as the stock does not close below Tuesday's low, there is a high chance it will return to last week's high of 5.32 euros.
On Tuesday, sources from the financial sector indicated that the Bank of Spain has given the four major auditing firms (PwC, Deloitte, KPMG, and Ernst & Young) more time to analyze the Spanish banking sector in order to realize a more comprehensive analysis. The sources signaled that the results will be released between September and October instead of the original July 31 deadline. On the other hand, Reuters cited a Spanish ministry official as saying that the results are not expected to be delayed.
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