11 Europe doesn’t want to go away. Greece will hold a refurendum vote, apparently to be held in January. Vote yes (receive the bailout, eventually pay it back) or vote no (go back to the Dark Ages). Seems like an easy decision, right? Not really. Greece is all in emotionally. This decision will be taken seriously by their incredibly frustrated citizens who have seen their wealth halve in many cases. This is by no means an easy to tell outcome, but this has not caused the sell of we have seen. Again, this will be determined later.
The kicker – Italian 10 yr’s and other sovereign issuance. It is now becoming very expensive for these countries to raise money. It is only a matter of time before something bad happens. However, is that day in the near future? Probably not – Europe, IMF, and others are trying their best and they wont give up yet.
In the short term, we are now oversold. SPX is sitting on its 20day at 1220-30, an area of previous resistance that will now be support. Thus, I switched out of my tza and moved to tna. I have all the same holdings as before, which went from pretty much being up across the board to down. I’m watching closely to see if my theses have been violated. If so I will sell. Otherwise, I may buy some precious metals today. Additionally, I am watching TLT. Above $125 and things will get scary fast.
11 Responses to “Pretty Much Uninvestable”
burned toast
“In the short term, we are now oversold.” Please. is that the best you can can do is toss out stock epitaphs and a tinker-toy chart?
djmarcus
yes
MB
Where’s your blog you little turd?
burned toast
the margin clerk for your ameritrade account is calling. ring ring. glad you learned a lot from his post.
MB
You’re undoubtedly a sad, lonely, ugly little man, in every possible way. Fuck you – from the very bottom of our collective ibc hearts.
TJWP
Great post DJ. Keep it up! Burned is just one of those internet trolls (probably a real life troll too) who loves to shit on other people but can’t add value to save his fucking life. No need to even acknowledge his presence beyond that as he will fade into irrelevance both here and in life soon enough.
djmarcus
interesting article on Greek referendum
http://www.businessinsider.com/this-referendum-is-probably-not-going-to-happen-in-greece-2011-11
djmarcus
out of tna – will be hedged again by end of day. rumors of greek gov failing arent healthy…
djmarcus
also sold jva eod
djmarcus
bot agq. will be layering out of positions through end of week.
djmarcus
sold out of zagg, wprt, and cien. also covered gmcr at beginning of day.
stocks failed to move with market (all but cien, but was acting oddly)
long nflx goog agq ; also sco as a hedge. Will take profits on nflx in next few trading days.