Basically, there’s no way that Greece will not get bailed out.
Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts.
Stocks plunge; Dow has record drop, then recovers
NEW YORK (AP) – The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour on fears that Greece’s debt problems could halt the global economic recovery.
The market’s plunge came less than 90 minutes before the end of trading. The Dow’s drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.
There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. The drop in that stock’s price was enough to trigger “sell” orders across the market.
Last year, I did pretty well trading the stock of Transocean ($RIG); they were the operators of the oil rig that blew up recently in the Gulf. The actual oil well is leased by British Petroleum ($BP), who are legally liable for the cleanup. In my opinion, both stocks are greatly oversold. In the past couple of days, investors have dumped these companies’ stocks fearing the total cost of liability.
With that said, I’m looking to restart another position in $RIG…. not right away, but soon.. … Continue Reading
Chris Ware, American artist, was commissioned to do the cover for the Fortune 500 issue. Sadly, it was rejected.
Amusing song about Magnetar Hedge Fund, which made a lot of money by betting against their own investments.
If interested, can read about how they did it in one of the links below. Or just enjoy the song and get the gist of it.
I’m currently reading a few books…
..and that’s my ring that I wear everyday, right middle finger.
Get the books off of Amazon for cheap. No tax (at least in California) and Free shipping (spend over $25).