Cyprus? Really, Cyprus?

Posted on Mar 18, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p33221059212&a=214966864

Traders used Cyprus as the excuse for a midnight Sunday attack on the market, driving the market down near 20 points.  They then began taking their ill gotten profits.  Looking at Friday's volume (which may have been skewed by expiration) they did a lot of short covering there also.  Looking at our regular tracking chart we see how insignificant this event is.  We expect it will be like the Berlusconi bar back in February.  As always the full significance of this day will not be known until the week plays out.  But we have already made our bet.

This is only a preview. You must be a subscriber to access the full text of this letter.


 
Username
Password
 

 
Choose a Username*
   
Email *
   
First Name *
Last Name *
   
 
  * Required

Tags: , ,

Comments

You must be a subscriber to view and submit comments on this post.