Global Macro Trading Journal

Just re-shorted some euros. Cost myself 95 pips covering yesterday evening. Today's action was pretty ugly, and I've got a queasy meltdown-coming-on feeling in my stomach. It makes sense to remain short euros and hold onto my S&P puts for awhile longer.

 

Ah...they said they would *consider* throwing Athens a bone How generous of them.

 

ZH tweet that actually makes sense
"Greek president uses bank run on Monday as leverage to form government; He fails. Now suddenly bank run is over after no govt formed."

 

And by make sense I'm referring to his read on the government tatic and spin

 

Greeks have been drawing down deposits at €700M/week for 2 years. As much to do w/a contracting economy as it is about mattress stuffing.

Slept on it and decided I made the right decision on Monday night. Back out of euro short. No blood.

 

Still nobody here buying goldstocks?

Massive carnage, gold itself down from 1920$ to 1530$...

 

If all you have is a hammer, everything looks like a nail.

 

The gold stock debacle is hilarious, as is the brutal unwinding of the supposed "no brainer" inflation trade. This is what happens when you load a boat with questionable assumptions and weak hands.

And true "massive carnage" in gold would be returning to a three handle (e.g. $999)...

 

Still nowhere near 2008's decline of 30%.

I have been buying, I actually significantly increased my gold-stock position yesterday at the close to around 10%. Would love to double that once the price action turns bullish

 

China, ugly. May prove to be far bigger news than Europe (hurtling towards fiscal union, IMO).

http://chovanec.wordpress.com/2012/05/16/china-real-estate-unravels/