Western nations want to be more socialist, but don't want to pay for the expensive socialist programs. Do-nothing government bureaucrats refuse to make the tough decisions and are hoping for an economic miracle to pay for their expensive spending habits. The truth is that the only thing that will pay for these expensive government programs is more and more taxes. Of course, more taxes means higher cost of living and a huge drag on economic growth.
As the European markets opened today, S1 served as resistance. The market is now hovering half way between S1 and S2.
Charles
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