…in the PM’s we have a couple month setback in a 10 year uptrend…WTF, it was definitely getting ahead of itself…recent buyers may well get shaken out…remember 2008…get liquid – sell the stuff that made you money, hold on to the mark-to-make-believe crap and hope it eventually comes in the money…so, this is a european bank and sovereign crisis…margin calls have been made and will continue, I suspect and the need to demonstrate you still have some chips is on…Greece is Lehman, who is AIG?…europe’s banks still as levered as the US investment banks were in 2008…Turbo Timmy was “schooled” by the euro money masters last week, he still may have the last laugh, or, if not a laugh, the last “I told you so”…the ECB will turn on the printing press, despite their posturing…the US banks stopped funding the euro banks through our money market funds, now there is no money…Trichet will do it before he hands over the reins to Draghi…the Germans will kick and scream and throw the toys out of the pram, but, they have little choice if they want their european dream to be realized…hold on to your PM’s…
September 23rd, 2011 at 5:19 pm