Europe - The Final Countdown, reasons to be Fearful or Cheerful?

Well it is Friday and a quiet news day otherwise apart from today supposedly being the latest deadline for an extension or otherwise to the Greek bailout or it could even run until the end of the month when their financing will run out. As a result markets seem to have become becalmed in some kind of lull before the storm perhaps. Coincidentally in the UK the FTSE 100 is hovering close to its resistance from the highs in 2000 and 2007 as you can see in the chart below.

So I guess as we wait and see who blinks first in Europe this will probably help to determine if we will breakdown again and remain trapped in the range that has applied since 2000 or if we will finally breakout? I'm hopeful that we might see the market progress this year as there are several reasons to be cheerful that have emerged in recent months both domestically and internationally such as:

• The fall in the oil price which should boost the global economy although some query that.
• The forthcoming introduction of QE in Europe which should be supportive of financial assets in Europe and beyond.
• US economy picking up allowing the Fed to consider raising rates
  
• Inflation rate remaining low and under control and interest rate remaining low
  
• UK real wages finally progressing on the back of lower inflation and the economy growing well
  
• Tentative signs of a ceasefire in Ukraine, although it does not seem to be holding.

You get the idea and even the Guardian wrote a piece called - Seven reasons why the FTSE 100 is heading towards a record high.

So as we await The Final Countdown in Europe it put me in mind of that big haired bunch of Euro rockers and and their song, which if you change a few words can be spookily appropriate and see the accompanying videos at the end:

We're leaving together
But still it's farewell
And maybe we'll come back
To the table, who can tell?
I guess there is no one to blame
We're leaving the Euro
Will things ever be the same again?

It's the final countdown
The final countdown

Ohh
We're heading for default and still we stand tall
'Cause maybe they've seen us and welcome us all, yea
With so many tight years to go and things to be funded
(To be funded)
I'm sure that we all miss her so (Angela perhaps?)

It's the final countdown
The final countdown
The final countdown
(The final countdown)
Ohh ho ohh

The final countdown, oh ho
It's the final countdown
The final countdown
The final countdown
(The final countdown)

Ohh
It's the final countdown
We're leaving together
The final countdown
We'll all miss her so
It's the final countdown
(The final countdown)
Ohh, it's the final countdown
Yea

In case you're not familiar with it here's the video for The Final Countdown if you want to sing along to it or Reasons to be Fearful or Cheerful if you prefer?  Cheers or prost as they say in Germany - have a great weekend.