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Global equities crumpled overnight after a few weak days in a row.
Two days ago we saw the Greek market hammered 11% on debt & political upheaval.
Italy was downgraded 1 notch above junk, but apparently that isn't a problem for some. I assure you its a very real problem.
Japan downgraded & facing an election & recession.
I was so close to shorting the DOW yesterday I even had an order in that would have been filled if I hadn't chickened out & cancelled! DOH!
I have been calling for a decent correction in US equities of around 10% perhaps more. Who knows but its the sort of action we have seen all year. It may create a buying opportunity if we see that.
Gold didn't gain any benefit, in fact is down marginally, and down a little also in Aussie terms from its peak of around A$1485, now A$1476, still a great price compared to the last 12 months.
I flicked out of most of my gold stocks yesterday, still holding some.
I had the view we might see a pull back in share prices after some very strong spikes in some & freed up cash to try & buy back in lower. Still short Euro, but out of the money, but have added to position as I think its only a matter of time before the Euro continues its slide.
Cheers Daytr
