Thursday, February 11, 2010

Update/Comments 2/11

Copper skyrocketed today, up 14 1/2 cents, closing @ $3.13.. and so I "bought" one contract at $3.05; again this has a trailing stop of five cents. This isn't the direction I thought it would go, but hey.. I'm still making money (at least on paper).. another $2,000 today. It's so easy to do this on paper, but in real life commodities trading is much different due to the emotional aspects of trading your hard earned money in a dangerous way. I drove my broker nuts with panic striken calls.. he undoubtedly answered my phone calls with his right hand, the left being used to hold the flask as I ranted.

Anyways on to Greece.. there was an EU summit which accomplished absolutely nothing concrete. Greece is supposedly in consultations with the IMF, and well they should be.. after the summit's statement, the Euro dropped and the rates on Greek bonds went up, but not badly. "Euro area member states will take determined and co-ordinated action, if needed, to safeguard financial stability in the euro area as a whole. The Greek government has not requested any financial support" it read. Look for the speculators to resume their attacks tomorrow. If this was happening to Michigan, Bernanke would've forcefully squashed this bug long ago. This aggressiveness is a big reason why these speculators don't attack California and Michigan as they do Greece. I give it two weeks before Greece cries for mercy, and by the time they do, someone else will be in trouble.. Portugal most likely.

Ambrose's always knowledgeable commentary:

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