The news from Greece was bad.
Will they leave the EU or will they stay? Will they default on their debt and bankrupt the country or pull off a last-minute recovery.
America announced on Thursday night that they expect to be able to start to increase interest rates by the end of the year based on current economic data.
Sadly, it is not the same for Australia.
However, this news was good enough to see our market rally at the end of the week to close the week up around 5600 points for the ASX 200.
Expect volatility in the market as we continue to see the retail sector under pressure with Woolworths making the announcement of the week with further earnings downgrades, 1200 job losses including the CEO.
Our economy is weak. Here in Townsville unemployment is over 10% with no clear path to recovery.
Large companies are still holding off investing unless projects will return at least 10%.
The Reserve Bank knows any more rate cuts will be ineffective, and the Government has no money for stimulus. Thanks, Kevin O7.
The market will stay volatile for now as households prepare for a recession, opting to pay out debt as opposed to spending.