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Friday, June 24, 2011

Greece Deal saves it from default

On Tuesday I posted Greece not likely to default, and the market will rally from the news. So I dumped many shorts, and places stop limits on other positions.
And now it is Thursday....and Greece has financial support to prevent a collapse. And of course, the market started immediately to recover.
The internet is fantastic, I got to read a hedge fund managers well thought out analysis that Greece won't default now....and here the news comes to prove Mr. Hussman right.

Now the question is, will the US market rally. I still think yes, although on the open this morning I must admit I was a bit shaky on my conviction.
The futures are up as a write this. and I think the near term the markets are safe from significant decline. For now, I'll keep some of my core longs, rest in cash, couple of shorts, and as always my core gold miners from 2008.

Time to take the summer off and come back in mid August to see the next phase of this bear market resume.

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