Thursday, June 23, 2011

Bizarro world

9:07 am (Hawaii) Just saw FAZ sell off like mad from 51.00 to 49.73 in a few minutes, now dropping again after a brief rally. FAZ at 49.60 on no news. Simultaneously, NBG (National Bank of Greece) ran from 1.28 to 1.37, going from the worst on my bank list (Death Spiral) to the top, the only banksters in green today. Market is rallying; Dow is only -106 now.

Too late to get out of FAZ right now, but as the stochastics and MACD improve, I might get out then. Still up a little bit from yesterday. Or I could let it ride for a few days or weeks as the entire Euro drama unfolds from Greece to Spain and Portugal to France ...

Precious metals had a nice little spike during that bit of volatility, but I'm not assuming that will continue much longer.

9:15 am (Hawaii) CNBC just broke the austerity plan agreement in Greece. The market reacted before the news was out on TV. As usual. I sold my little FAZ position at $1.07 profit. Not as good as it would've been 30 minutes ago at 51. That would've been a $2.72 profit. I did think about selling on that first huge move (1-minute chart) downward, but opted to wait. If I'd had a large position, that would've been time to sell at least half and book the profit.

FAZ showing strength even with the news, now back up to 49.50. Should be an interesting close. As for DGP, it's showing some boost, too, now back to 47.97. Whatever I "lost" in FAZ as it declined, I gained some in DGP (on paper).

Reuters: Greece seals deal with EU, IMF on austerity plan: sources (June 23 2011)

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