A Greece-y Slope!

SYNOPSIS
The major US indexes sold off again last week, while the S&P/TSX Composite Index managed a 1% gain… tied to Energy stocks. But only Nasdaq has a positive trend value right now.

ProfiTrend Portfolio… The annualized growth rate for the ProfiTrend Portfolio is now at +117%, down from 147% last time. In spite of soft broad market conditions, we’re well ahead of the benchmark indexes.
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Smart Money… The latest State Street Investor Confidence Index results for June have just been published. The “smart money” continues to buy equities, not sell them, in spite of world events that fill our media these days. The Global ICI increased to 127.0, up 5.6 points from May’s revised reading of 121.4. Confidence among North American investors increased with the North American ICI rising 11.7 points to 142.9, up from May’s revised reading of 131.2. Meanwhile, the Asia ICI fell by 10.3 points to 87.6 while the European ICI fell 1.2 points to 102.5. The results for July will be out on July 28.
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Commentary… A Greece-y Slope!
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We don’t normally displace a topic we’ve been working on due to a “breaking news” type of event, but we decided to switch gears and talk about Monday’s large one-day drop. We were waiting for Tuesday’s State Street Investor Confidence data anyway, so our publication schedule wasn’t disrupted much.
Greece, Greece, Greece, Greece, Greece, Greece, Greece, Greece is all we’ve been hearing about for the past couple weeks; so it should come as no surprise that news breaking over the weekend about bank closures there scared investors worldwide into selling stocks on Monday. All the major North American indexes lost 2% or more in a single day. But did this really have anything to do with Greece at all? We doubt it, but you can decide for yourself whether or not to believe our arguments in this week’s TrendWatch Weekly. We’ve even included a featured video interview with Marc Faber, the editor of Gloom, Boom & Doom Report. It originally appeared yesterday (Monday, June 29), so it’s timely. Watch it via this link, or see it embedded in the full newsletter.

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