"Ungovernable: the New Stability"
Never mind what imperial fleas think. The countdown has begun to brutal repression in Greece...
Yesterday's rather pathetic downplaying of risk of a military coup in Greece does not discount the real risk of a police state fast becoming necessary. Although it might be too early to speculate just how this might come about — what will be the steps leading to repression, and who will administer it — it nevertheless is not too late to report Windmill Willie remains on board. So many millions have a far more useful sense of America's historic place as a temple of Liberty and beacon of hope! Pity these mainly are still busy buzzing about yesterday's antithesis named "Bush." Someone needs to tell these folks there's a new fascist in town! I have appointed myself. Anybody home?
Yesterday's reason for hedging, saying, "Of course, there are other possibilities over hours ahead" finds its basis in technical circumstance circled above in red.
Yet still possessing solid reason to suppose that, completed late last week was the market's correction of losses endured over the July-August period, this early moment in the next leg lower finds basis in technical circumstance leaving the market presently in a similar position to that circled above in green. However, just where within this framework the market presently is situated — nearer July 11th or July 25th — remains a mystery.
The NYSE McClellan Oscillator suggests nearer July 11th.
The CBOE Put/Call Ratio, nearer July 25th.
If "ungovernable is the new stability," then whatever mishmash of sophistry will dare claim the EMU still lives might find today's long equity interest adequately hedged, thus accommodating a sideways trade (relatively speaking) over days ahead.
All hair splitting aside, weak hands are weak hands, yet not necessarily dumb. With the weekend portending a second straight consumed in angst over counter-party risk, and MFers everywhere candidates to become the carrion whose carcasses are to be picked in the aftermath of a pending Greek default, if tomorrow proves the worst of all so far this week, then should anyone be shocked?
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