Waiting for an Opportunity

I just can't seem to catch a good bounce to short this market. That's what I'm waiting for. But the bad news keeps coming. And when it's not bad, well, the market makes the news anyway.

The new Hungarian government today uttered the "D" word and spooked the euro into an all-time low against the Swiss franc and a under $1.20/dollar. Default would be a shockwave after 2008's $24.1 billion IMF bailout.

Payrolls disappointed, barely positive except for temporary census workers. No wonder bonds look good.

The Daily News ran a story yesterday about Los Angeles county. Property taxes revenues are set to fall by $700 million, or 15% of revenues. How does the county pay its bills after a hit like that?

But I can afford to be patient. Treasury bonds are skyrocketing, up 2.5% today. At the same time, gold is holding steady and consolidating its gains. And my EWA put is in the money and trades exactly like a short. Another break down in EWA and I will close it. The thing I'm most itchy to pull the trigger on is a long-term call on IAG or ABX.