In any event, another country, as mentioned in yesterday's post, joins the Sovereign debt crisis that is building.
Anyone long here the general market needs to put stops on their positions TODAY. As this sovereign debt crisis grows, and as the US government threatens to "reform the financial industry", this market can take a turn over night at any time.
I still have some shorts, and some long gold miners. Long gold miners is not safer than any other play, but it does have the hedge of a lottery ticket play in case things get real crazy.
US 30 year interest rates aren't doing so hot, as concern spreads. The US could be in for trouble in the next 30-60 days with rates. It is impossible to tell how quickly the US debt rating changes. I am still looking at the US having a longer period before getting sucked into the sovereign debt crisis, but who knows.
There are many stocks to look at that are starting to fail, Google, Buffalo wild wings, Panera, Amazon, CheeseCake, Chipolte, and quite a few others. Notice some stocks in the food sector my friend John Chinnock and myself was shorting a YEAR ago are starting to fail!
If S&P500 closes below 1150, I am very concerned we are headed much lower, otherwise waiting to see what happens. A dump in the markets by 100+ points is very possible one of these days.