I may have to eat my words from yesterday. I'm not sure what Berlusconi's resignation does, exactly. It doesn't mean austerity/reforms will pass or that they will be sufficient, and even if they do, who knows when they will pass, and even if they do -- Italy is in a recession -- anything they do now is insufficient.
My only guess is that the ECB's boycott of Italian bonds was enough to push him out. Maybe I misunderstood his ambitions.
Anyways, I can't hold my position. Oil at this level is just stupid - plenty of slack in the market, low U.S. economic growth, the Euro is in recession, China is slowing...which probably means its going to fall, but I can't hang on - margin calls. Maybe I'll get back in if it looks like its coming back to reality.
Taking my lumps: Sold SCO at 41.99. Loss of 18%. Should put the PSFI index at 125%.
My only guess is that the ECB's boycott of Italian bonds was enough to push him out. Maybe I misunderstood his ambitions.
Anyways, I can't hold my position. Oil at this level is just stupid - plenty of slack in the market, low U.S. economic growth, the Euro is in recession, China is slowing...which probably means its going to fall, but I can't hang on - margin calls. Maybe I'll get back in if it looks like its coming back to reality.
Taking my lumps: Sold SCO at 41.99. Loss of 18%. Should put the PSFI index at 125%.
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