Between a rock and a hard place: local and foreign outlooks
Portada en Ingles
Columnist for Ámbito Financiero
Stocks acted bearly with $13 million cash, fixed income trimmed its sum several times and only the dangerous front of "guarantees" saw amounts of money that foresee problems if the fall continues.
Given the fact that the system of reinstatement of guarantees acts as trigger, if it falls in a forced liquidity it will contribute to get the fire, which consumes bearish stocks, going.
Without a visible floor
Everything was very bad, as NASDAQ fell and reached levels similar to those of 1999, dragging everything along and turning the day into a "black Tuesday" which made the local fall more bearable.
M.Ar fell 2.9%, Merval index 2.5%. The falls were not so important given that in case of liquidity squeeze the indexes can get their way and punish stocks, though they may not deserve it.
The week's future is quite uncertain and seems difficult due to that loss of direction and to the fact that floors are not at hand throughout the world. Much less here.