Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.
Thursday, November 3, 2011
The Greek end-game
An insightful article by Ambrose Evans-Pritchard.
So why should we buy shares?
The only argument I can think of is that this will force the ECB to behave like a proper central bank and force it to act as a lender of last resort and supply unlimited funds to European banks. But what if they don't?
Looks to me like the technicals suggest the market's going higher. For now I'd be reasonably fully invested. But if the 30 day moving average turns down and the 150 day moving average at that point is still falling, I'll sell.
Posted by Nikolaos at 1:05 PM