Tuesday, April 6, 2010

Update 4/6

Silver took a tumble this morning and my ten cent stop was hit on the opening bell; I was stopped out at $18.08. I bought silver at $17.20, therefore I made $880 on this trade. My Yen ETF also took a dump this morning, and on this one it's below the price I bought at. This is a longer term trade, however, and so I'm holding steady here.

In other news, the Greek Gov't yesterday displayed the ineptitude that made this crisis possible and equally impossible to solve. Early in the morning, their Deputy PM (essentially their Vice President) did a newspaper interview in which he said that the reason the Germans don't want to give them near zero percent interest loans is due to simple racism. Later in the day, after taking a look at the IMF's austerity plan for Greece, their Finance Minister chimed in, saying that the IMF terms were unacceptable. Early this morning, as Greek debt (again) tanked, the Finance Minister "clarified" his comments and said all options are being looked at. D-Day (default day) will likely happen this fall for this sorry ass rabble. Illiterate village elders in outer Kyrghzistan have far greater political and diplomatic skills that this sorry lot.

I've vowed to be a tad more upbeat and balanced, so here goes: There were 161,000 jobs created in the US last month; this is the first month since mid-2008 that such an event has occured. The stock market is soaring to new heights as well, lifting everybody's 401K balances. Home prices seem to have bottomed in several markets as well. (of course most of this is due to the trillions borrowed, guaranteed and printed by the US Govt, but hey..). There ya go.. I tried my best.

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