Every indicator I look at is pointing to a rally but those indicators are useless if  there are systemic issues. There is a classic run on the bank occurring in Europe. It has been reported that some Asian lenders cut off funding to French banks. It is snowballing and becoming worse but the European authorities have not responded. I find it absolutely astonishing that they cannot be bothered to be disturbed during their Summer holiday and are allowing this to occur. My suspicion is that they will do something because they have no choice. We are at the edge of the abyss.

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