Good afternoon, everyone. I’ve been busy earning a living today, continuing work on the de-risking project I’ve had underway since early May. An asset allocator’s job is never done (sighs).
Anyway, let’s run down a few of the items worth mentioning on this quasi-disastrous day.
Pandora ($P) made its debut today. Opened strong (up 53%) but ultimately made the chasers look like schmucks. Which is surprising considering how sound a strategy buying billion-dollar money-losing tech stocks normally is.
Also in the news, austerity protests in Greece erupted across television screens around the world as the Prime Minister announced he’d step down in favor of a unity government.
I got news for you, there ain’t no such thing as “unity” in Greece. These people were carving each other up like lamb kebabs from their harshly divisive city-states since before the beginning of time. The Athenians and Thebans used to shed blood over tablecloth patterns. And don’t even get me started on the Spartans, a race that was only ever interested in two things: Pushing weak infants off of cliffs and working on their abs. There will be absolutely no unity, only an eventual acknowledgment of how fucked they are.
This bodes poorly for the EURUSD and, by extension, risk assets like commodities and stocks.
As of this posting, the Dow is off 200 points and the Nasdaq looks like Death on rye toast with a side of thousand island dressing. I’m going to the Yankee game tonight with my man All Star Charts so behave yourselves while I’m gone.
J to the B