Nobody knows the trouble I have seen....
With almost 40 years of experience you think I would be calmer when market turmoil hits.
But I guess it's part of the human condition to forget the pain and remember the good times.
Corrections (and that's what I think we are in) come swiftly, they are ugly, and terrifying. You get to think there is nothing underneath and a little perspective is always helpful. Even if incorrect it'll stop you from rash actions.
Selling in a semi-panic is rarely the right move.
Let's review the bidding with what we know.
We know that the European response to their condition is uncoordinated and haphazard. Germany is trying to institute short sale rulesfor domestic political expediency with no advice or counsel from their partners, or even informing their counterparts in the EU. This move has forced the European regulators to engage in "intense discussions" (The Financial Times) about a wider European wide ban.