4:59 am (Hawaii) I'm in no rush to get another trade on. Haste is waste, I continually learn. Even FAZ, which will be at 100 sometime in the next three months (or days), can only go so far up on the stumbling oompah-loompah performance of a faraway French bank. FAZ hits a ceiling above 70, but volume has shrunk and it won't sell below 68. There's that much skepticism, that much evidence against the likes of BAC and SocGen, the latter having refuted rumors of big trouble (bank run?) this morning.
This is precisely the thing I was concerned about on Friday, that bank closures and freezes would trickle from Europe to stateside in much faster process than anyone can imagine. Well, anyone but the wise people who know the banksters quite well. I used to doubt Meredith Whitley a few years ago. Now I know better. That's why I made a strong buy of physical metal over the weekend. Hoarding dollars is okay to a point, but holding too much will backfire, won't it, if fiat devalues (ie Fed's action on Monday) rapidly.
Zero Hedge: The run on SocGen begins? (Aug 10)