Tuesday, June 28, 2011

Greek Close Out

Only one more day at work to go! LONG weekend ahead.

Greek Close Out
Tomorrow the great Greek debt deal should get passed. While all along I figured the downward market action was due to slowing economic stats and the end of QE 2, it seems the "fear" that was out there is directly tied to the Greek debt situation. This is confusing as there was no way they were going to default so what was the fear? In any case another monster move up today across all markets means my two index shorts, SH and PSQ, will likely be closed out tomorrow as the S&P 500 will most likely blow past 1300, which was my target to end the trade should things go against me.

While I could make some points about how weak the volume has been on this 2 day rally, the point is now the prices are where they are. When most traders get back next week they will see Greek debt resolution (until another month or so goes by) and markets that are now looking up. Makes no difference how they got there.

All in all I have been doing quite good in the downward market, staying mostly in cash and playing quick hits like FURX and MAKO. Should things turn a corner and settle into a upward trend, it will get easier to find spots to trade. Will have to see how it goes. I have to say I am still in a bit of shock at all the belly aching and whining I saw across the economic universe from a 6-8% decline in the indices. Yes, certain stocks were pummeled much worse, but seriously that was no end of the world thing.

Stuff to see.

-100 years ago today, a meteorite (possibly) vaporized a dog in Egypt

-I am starting the newest Fate of the Jedi novel tonight, "Conviction".

-I love this T-Shirt:

Have a good night.