Thursday, May 6, 2010

I is crazy for some Nat Bank of Baklava

I miss my old boss's baklava. She didn't have an ounce of Greek blood, but man, she could really bake a great world-class baklava, dripping in honey, the perfect combination of crispy and tender. I could go for one now, but at 4 a.m. in Hawaii, I think there isn't a single bakery making the lucious treat.

In full disclosure, I confess that I jumped into a position in National Bank of Greece yesterday. No, I didn't chase it at the high, but it was relatively close, at 3.04. I didn't scale in or wait for a retracement even though a pullback to 2.94 (38.2% of yesterday's intraday gain) was imminent.

So it goes for intuition vs. discipline. I have a long way to go. NBG has bounced off a lousy premarket drop (2.74 or so) and is at 2.86 now, one of the few stocks on my pared-down list that is red.

Why bother with a bank in the most embattled economy in the industrialized world? The chart looks relatively similar to another one leading into a bottom: Citigroup. The two banks are quite different, no doubt, but NBG will benefit from a bailout and its shares will be worth more than 2.86. By the time NatBankBaklava gets past all the domestic turmoil, I'll be gone.

Markets turning green. Hungry for baklava. Might have to make a quick trip to the bakery for some kind of facsimile.

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