Marfin's stock is down 98% or so from 2007 highs so yes, they're probably not doing too well.
Global Macro Trading Journal
- Thread starter Daal
- Start date
In other words, about the same as America's finest ...
http://www.google.com/finance?chdnp...459425&chls=IntervalBasedLine&q=NYSE:C&ntsp=0
http://www.google.com/finance?chdnp...459425&chls=IntervalBasedLine&q=NYSE:C&ntsp=0
ECB assets as of Dec. 23 now foot to â¬2.733T, that's a 36% gain so far this year and about 13% increase in just the last month (155% annualized). The ECB is printing and printing a lot. Ben Bernanke lies in bed at night dreaming about papering the U.S. with this kind of cash. Continue to sell the euro on those moronic "risk on" rallies.
http://www.ecb.int/press/pr/wfs/2011/html/fs111228.en.html
http://product.datastream.com/econo...CB&date=20111220&owner=ZRTN179&action=REFRESH
http://www.ecb.int/press/pr/wfs/2011/html/fs111228.en.html
http://product.datastream.com/econo...CB&date=20111220&owner=ZRTN179&action=REFRESH
You will end up with an excessively large position if you sell more on each rally.
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Quote from Debaser82:
Silver soon 50% down from the peak.
I think it could reach 20$ or so...and then I will put all my money in it.
Silver had a pretty strong reversal today, after touching the panic low from September - sometimes this pattern marks a major low, and is followed by a strong rally (e.g. S&P on October 4 made a double bottom + reversal day of this kind); other times it rapidly fails and the market collapses. I think it's a coin flip IMO whether it is a major low today, or whether it breaks back down quickly and then heads much lower (15-20). However, this presents a good trade setup IMO - either buy a straddle here, or go long - with a stop and reverse at today's low (in fact if the market closes below today's low, I would go short on bigger than average size). So if the market rallies big, or collapses big, you make good gains - you lose if it chops around at these levels for a while.
Another indicator of a possible reversal is the sentiment towards precious metals. Consider this bloomberg article today (which may be one of the most misleading and incompetent pieces of financial non-journalism of 2011):
http://www.bloomberg.com/news/2011-...ll-year-on-bear-market-brink-commodities.html
It is rare for Bloomberg (or other mainstream media) to cover gold/metals so prominently - making up a total non-story on what was (until the last few hours) a big down move to new lows, smacks of exactly the kind of emotional BS headlines that the media have become famous for as contrary market indicators.
I wouldn't bet the farm here, and could easily be proven wrong within 2 or 3 trading sessions, but IMO the setup is good enough to cover any bearish bets, and put on a moderate bullish position with a close stop (& reverse) at $26ish.