Now that Greece has had a short-look at what a country without a currency feels like, there is some sort of change of heart going on that makes people more optimistic.
I think that's terrific and it would be great if there were a resolution. I still wonder why skepticism disappears so quickly and dissolves into a belief that all is well.
I say, if we get an opening this high and we get a fake-out this close to the holiday, then there will be a re-test that will be ugly and we will feel totally snookered.
That's why, if we are up like this, the logical thing to do is some small selling, not buying, because we were only down 2% yesterday, something that could have been realistic had nothing happened but Puerto Rican collapse.
Let's see what happens, but has the lesson not sink in not to be too optimistic about anything and anyone but Mario Draghi and his moves at the ECB?
I am sticking by the scenarios laid out earlier and betting that without a serious rally in the European bourses that were down more than 4% yesterday, selling beats buying unless you have something with an edge, like the biotechs ¿ Receptos (RCPT), Alder (ALDR) and Radius (RDUS)¿that I laid out yesterday in light of the Celgene (CELG) stake in Juno (JUNO).
