Post Vacation Surprises

One relaxing week in the heartland of France did more good for my portfolio than I’d expected. Though I knew the wine would be good, the company excellent, and the sites spectacular; I’m relieved the market pulled back strongly. The recent option plays I’ve written about have done surprisingly well and only regret not playing the positions more agressively:

Now that the pissing match in Washington has concluded as expected… (See July 28th Post). I simply remain disgusted with our elected officials, just more so. The best tag-line I’ve seen has to be: “Did Sarah Palin’s “Hells No” Call The Market Top?” Funny. Stupid, but Funny.

It’s now time to move on to other dramas. Europe is still on vacation, for at least two more weeks I expect we’ll only see Press Release/Talking Head market conversation and very little “real” information. Even with the ECB bond buying, weakness is likely to prevail for the remainder of August. That’s my sceptical view, in any case. Italy might not be as bad as panicky investors are imagining. This article on VOX seems fairly written. The slide continues, though the Euro is showing surprising resilience.

I’m still holding the SPY Butterfly but have closed the other positions.

If you want to buy a nice pad in NY, let me know. Upper East Side, 2 blocks from the park, great kitchen!

I’ll be updating during the day, happy to be back!