I seem to have dodged several bullets today. I literally liquidated my accounts at 10:30 this morning... took losses in GFA and NBG near day highs and terminated GOOG at a small loss. Even ELP is sold. Fortunately, I am pretty close to my all time high set a month ago.
I'm going to begin doing short-term position trades and bounces only with a bias to the short side. Since I am only trading in Roth accounts, I will allocate only one-third of my cash balance at a time to give the rest time to clear.
Exactly-this was a nicely contrived move coordinated in places like Hong Kong and Geneva. JPM's proverbial bacon was saved if their fabled short position does in fact exist. This also puts some spring in the dollar which was desperately needed to console our creditors and maintain a shred of CONfidence in the dollar.
More than that, this was a politically motivated stunt aimed at teaching speculators a lesson in messing with the incumbent Prez. candidates chances of re-election hindered by surging soft commod prices, fuel prices - both of which are killing Americans at the pump and in the grocery store. Well played...