Red/Hotfire, I am going from a short term bull (previously saw a...

Red/Hotfire, I am going from a short term bull (previously saw a ramp to March) to uber bear.

While we are all watching Greece, Italy is sliding rapidly into default (good articles Crackpot). I think that over the next weeks we are going to see Italy unable to raise funds which means instant default as they cannot even cover existing interest payments. Anyone who has spent time in Italy or who trades with them as I do knows that they run a second world economy at best. It is first world in the North and third world in the South which = second world. The postal service is so corrupt that I cannot use it and have to courier items or lose them. And yet when I buy from Austria, Austrian post gets things here quicker that Royal Mail.

Perhaps one set of good news is that the money earmarked for Greece may never reach it. I think Greece is a hopeless case and should be left to fall. It is better to pump the banks who gave them the cash that the Greeks.

Put simply, there is no good news.