I was protected (spy puts) coming into Monday trading. All seemed well, the market absorbed the Cyprus news and anticipated lower uS GDP forecast from the World Bank (which I think will be proven incorrect), so I covered the short.
The brilliant Jeroen Dijsselbloem (every day seems to produce a new brilliant person in Europe) invokes the fear of bank runs in Spain, Italy and all other troubled EU banks. So the markets turn.
I just don't understand the level of stupid that comes out of these people's mouths. (I thought American congress had the monopoly on stupid. I am wrong.)
I wish there was a way to forecast stupid.
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