The resistance was overshadowed

Portada en Ingles

By Carlos Fontana
Columnist for Ámbito Financiero

In a delicate day, when country-risk was rising over 20%, it was not possible to talk about only 2% fall in the stock exchange and a smaller number of selling orders as the computing system which calculates volume in the stock exchange gave a different picture. It is not the same to speak of a fall in prices and $38 million turnover than to say that volume amounted only to $21 million in local companies and that the rest went to deposit certificates.

All the newspapers, except for us, make the first figure public as the official system gave this information. This has a bad effect on conclusions; as a consequence it was difficult to see that yesterday the market was able to resist in spite of the fact that volume contributed to the possibility of a run. Few people took into account the correct elements. Insisting on the same things, going against the tranquillity that is demanded, must make those in power take the bull by the horns.

· Cavallo and his phrase

Cavallo changed a famous phrase to double the bet: "Those who bet against Argentina will lose"; these words bring back bad memories. And, as in the past, there was a sharp fall in bonds. The stock exchange and the rates were the only help. The blame was put on Pou while March's deficit made country-risk hit a record. The only thing left for us to do was saying: God save the king...

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