Being an American writer stranded indefinitely in Paris – – due, strangely enough, to volcanic activity – – brings to mind visions of Hemingway, although without the talent or succession of divorces to complete the picture. The cold fact of the matter is that Iceland is going to keep me bound inside France until it decides otherwise, so – – with the infinite generosity of ETF Corner's Royale with Cheese, I remain here. I have my family, my computer, and an Internet connection, so I'm content.
My shot-in-the-dark guess is that we might see a partial recovery of Friday's loss early in the week. I'd like that, since it would permit me to beef up the short positions that I lightened on Friday. A kick back to 1200 on the S&P sounds about right.
I'm cobbling together a semblance of my normal blogging tools (although you'll see some obvious differences, such as the obnoxious you-don't-have-a-key logo on my graphics). The $INDU just about perfectly tagged its 61.8% level.
Whereas the Transports, even stronger, hit their 78.6% level.
I'm not sure what "event" – – Google, Goldman, or the volcano – – is going to finally be of aid to the bears, but I sense that it's finally here. Europe is losing $200 million in revenue every single day in transporation revenue alone, and a multi-week outage of transporation would be really damaging to business here. So I say – – burn, baby, burn!
