Thursday, May 17, 2012

Why I avoid overnight holds

11:37 pm (Hawaii) I try not to hold overnight in this murderous hellhole of a market. One reason is that you never know what the banksters will cook up next. In Spain, they're asking for short-selling bans.

MarketWatch: Europe stocks fall after Spain bank downgrades (May 18)
Other Spanish banks such as Banco Santander SA ES:SAN +2.18% STD -1.94% —dropped two notches by Moody’s—and BBVA SA ES:BBVA +2.79% BBVA -2.93% added 2% and 3% after a report in Spanish daily Cinco Dias said Spanish banks were going to ask regulator CNMV to reinstate a ban on short-selling of domestic banks. A spokeswoman for the regulator said there had been no changes.

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