Joined Jan 1, 1970
1,010 Blog Posts

Chill The Fuck Out

I sold out of FL because the o/s timetable was 5 days and its time is up. I’m happy I booked gains in VXX and TNA because if I saw +8% and +18% respectively dwindle away then I’d be furious, knowing the beta attached to these fuckers. Other than that, I haven’t done much. I’m back to almost 50% cash and back to about flat on the account.

Now, I’m hesitant to believe that Greece is going to default this weekend. On the one hand, Germany immediately responded by saying that their banks would be bailed out. However, rarely does the action take place in such a short time difference from the surface of the rumor. Typically, it will be “Greece is going to default.” Then a few days will pass and nothing happens, and the headline doesn’t resurface until a bit later.

If Greece does default, though, then we should see strength in the dollar AND gold, which would be odd. Because the reactions in these assets are already taking place, my theory is less credible. Gold and the USD become more attractively simply because the Euro becomes less attractive. Enough about that. Let’s talk about how I’m going to play it.

Basically, the way I see it, there is one ETF made aware to The PPT community just recently that is perfect; a gold bull/s&p bear spread ETF, ticker FSG. It’s a double, so watch the fuck out, but depending on how the market closes I may give this guy a go for the weekend.

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