Taking a little break for the next few days. Watching Gold from a distance.
Still managed to buy Sept. 115/100 put spreads on $GS after the pop this morning. I took it off the table at the close for about + 15%. Didn’t want to hold that type of spread overnight… The $VIX hit 40 and Friday should be an intersting one!
We should have the result before the European markets close and at the opening of US markets. I think we’ll see some strong pull-back almost immediately after the vote.
“…there will still be a risk of lawmakers rejecting detailed austerity bills in votes on Thursday on the implementation of different elements of the plan, such as tax rises and the sale of state assets.”
If that pull-back doesn’t happen today, we’ll see it happen before going into the weekend. I’m cautious today, maybe too cautious.
I’m concentrating on $GS and $GOOG today. Both of these charts show strong decending channels.
Goldman on increasing volume.
There’s also some chatter about transitioning to consumer staples, I think this is also worth some study.