Well this hurts. I didn’t think we’d be getting this sort of system wide collapse so far after the open, especially given how deeply we sold off last week. That’ll teach me.
If I have to guess, then I’d say that currency traders and businesses with overseas exposure getting flattened by today’s euro/dollar action are causing this sell off. Other potential candidates include, but are not limited to:
Jackass Hedge Funds with Bad Commodity Bets
Banks Who Have No Depositors
Asian Garbage
What’s really important here is that my portfolio is offering me no respite. AEC and CLP are being crucified; BG and CCJ are running lower in typical style; even AWK is selling off a little. UCO is down but I covered half of it, so my guard was lowered to the blow. And gains in MGM are muted by the fact that it isn’t a full sized position yet; it’s barely more than 4% of assets and looking increasingly like I’m not going to get a great opportunity to build up the position.
Only my cash is really kicking ass today. And silver, but I’m not counting on that to do well for long.
So I’m down a pretty nasty 3% so far today. I’m not worried, but it still doesn’t look good on paper.
We need the euro to gain if there’s any hope for a reversal of fortunes. Still waiting for a relief rally, but perhaps in vain…
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and i’m patiently waiting for the euro dollar to collapse. scuttle butt is,germany have dusted off their printing plates and leave the euro zone. they are still strong enough to do so. we shall see. 3 weeks before euro goes down hard.
I don’t think you’re far off, although I’m not convinced Germany leaves the euro. I would not be surprised to see the dollar and euro go to par.
I nibbled on CCJ for $17.46