When the Gulf Oil leak started the Wizard gave the signals to go short. More bad news for the Euro?

By Gene On June 1, 2010 · Leave a Comment

I was asked by Gabriel Wisdom about oil, on his radio program this past week, and I had not been paying much attention to oil. So I went back and took a look at how well the Wizard did . The Wizard gave us the Sell signal on all of the oil and gas drillers and the three main companies involved with the catastrophic oil leak. The following charts below show all of the oil and gas drillers, futures, and also the calls on British Petroleum, Haliburton, and Transocean. When we say the Wizard does not miss the trend, we mean what we say. When we get the breakout of any sector or industry, or when a certain stock gets bad news, the Wizard will pick it up. When the trend changes and the sell volume increases, we are going to get a Pre-Sell or Sell signal to go short.

Hang on to your seats, we could be in for a rough ride. . If you have not been stopped out, on your long positions, you may be soon, We may see more down side in the markets. We are short on the major indexes both Long and Short Term except for the Long Term Russell 2000.

Talk about continuing bad news for the Euro……..as reported in the TIMES.CO.UK

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Greek politicians have played down the prospect of abandoning the euro, which could lead to the break-up of the single currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of the CEBR, said: “Leaving the euro would mean the new currency will fall by a minimum of 15%. But as the national debt is valued in euros, this would raise the debt from its current level of 120% of GDP to 140% overnight.

“So part of the package of leaving the euro must be to convert the debt into the new domestic currency unilaterally.”

Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of euros.

McWilliams called the move “virtually inevitable” and said other members may follow.

“The only question is the timing,” he said. “The other issue is the extent of contagion. Spain would probably be forced to follow suit, and probably Portugal and Italy, though the Italian debt position is less serious.

“Could this be the last weekend of the single currency? Quite possibly, yes.”

These are uncharted waters, be careful and cognizant of what is happening.