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Monday, June 18, 2012 – G-20 Declares Ceviche Tasty and Democracy Messy – by Sinclair Noe

DOW – 25 = 12,741SPX +1 = 1344NAS + 22 = 289510 YR YLD un=1.58%OIL -.26 = 83.01GOLD + 2.00 = 1629.70SILV un= 28.84PLAT – 1.00 = 1489.00The results of the Greek election shows conservative New Democracy taking 29 percent, with the radical leftist Syriza bloc just behind on 27. The Pasok Socialists were set to take 12 percent of the vote. The scenario is similar to the results of an earlier round of voting. ND also came in first in May 6 elections, again with Syriza running a close second, but failed to form a government then. And 38% of eligible voters did not vote yesterday; that’s more votes than any one party received. The headlines say that a pro-bailout, pro-remain in the Euro-union party won the Greek elections; it’s not that simple. There was no majority. The next step is for New Democracy leader Antonis Samaras to form a coalition government; not an easy or certain task, and it must be done within the next 10 days. Look for a combo of the New Democracy conservatives and  the Pasok socialists; the same group that governed Greece into this mess in the first place. Pasok, the Socialist party, called for a government that would include Syriza, the far left party, but  Syriza ruled out joining a coalition that would stick to the punishing bailout terms that have helped condemn Greece to five years of record recession. Alexix Tsipras, the leader of Syriza, had vowed to tear up the terms, betting that …

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Friday, June 15, 2012 – Greeks Look for a Bargain – by Sinclair Noe

DOW  +115 = 12,767SPX + 13 = 1342NAS + 36 = 287210 YR YLD -.02 = 1.59%OIL – 1.11 = 82.80GOLD + 3.40 = 1627.70SILV + .10 = 28.84PLAT – 8.00 = 1490.00Sunday there will be an election in Greece. I don’t know how the election will turn out. I can’t find any consensus opinion. There may not be a consensus, even if there is a definitive winner. It appears the extremes are gaining in Europe because centrist parties are offering voters no meaningful choices. Pasok and ND (New Democracy) and Syriza. New Democracy is the old-guard conservative party; Pasok is the old-guard socialist party; Syriza is the new-upstart far left party. Golden Dawn is the new-upstart far right/neo-nazi party but they went to far during a televised debate last week when a spokesman started beating a woman on camera – that went too far and destroyed that fringe element. For Greeks that want to vote against the status quo they have no alternative but to vote for extremists. Right now it looks like New Democracy and Syriza will get the most votes, but not a majority, so they will have to pull together a coalition government, which they failed to do one month ago. But again, the election could swing in any number of unusual ways. Some common themes from Greek voters is that they feel they are being blackmailed into voting for parties that drove the economy into a ditch and blindly imposed austerity measures. The Euro-zone support for …

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