The most alarming thing to me about the situation in europe is how the ecb,it seems, is willing to go to almost any extent to prevent a greek default. This is a tiny country who's economy is equally tiny so why does it matter so much?? The only conclusion i come to is that the ecb is absoluttely terrified of contagion risk and if the ecb is terryfied, perhaps we should be a little more terryfied as well. I still think the way to trade it is to use big up days in the euro to increase longer dated out of the money puts longs.
The broder markets appear to be tiring as it has had a nice run. If the s+p futures trades below 1341 i will begin to get nervous and that will progress to a mild panic if the market trades below 1329. As it stands now i stay long but not adding. As iv said before i like mcd, particularly after it bounced off trend line support on friday and feels bouyant today...
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