[GREK] update

In the backlink I was looking for a small pullback and then more short term strength in what are essentially worthless Greek bonds:



Because of the shape of the chart since then I'm changing the count slightly as shown below but it essentially says that May 1st was the top of the A wave, and now we have a triangle that is likely the B wave and we probably started working on the C wave.  If this is correct then GREK should get a pop next week when trading re-opens.

I think that the rally will then reverse and collapse to much lower lows because Greece will in fact default this year and the EU has simply been hoping for a miracle that is not going to come.  They hoped the global economy would pick up but instead, thinking people who love to analyze the data like Mish are warning that we are already in an undeclared recession.  If he thinks we are in one, odds are high that we are in one.  I'm seeing hiring freezes start to pop up across many tech companies.  So the transports are weak, tech is showing signs of weakness, corporations are being told to pay $15 per hour to employees whose economic output is not $15.  It's all a recipe for a stock market correction and probably a doozy IMO.


By the way, German bond investors / gamblers are now fleeing "safe" German debt as you can see from the BUNT chart (a 3x ETF on German government debt).  Before this is over we will certainly find out that the Germans and the French are as much "pigs" as those they call "PIIGS".  At some point German and French debt will collapse along with Japanese and Chinese and then of course US debt as the entire global Ponzi scheme comes crashing down in freefall at the speed of gravity into its own footprint.  The collapse of the global economy, after all, will have been as orchestrated as the collapse of the three buildings on 911.   All of it, including the global economy was/will be a victim of controlled demolition. 

Thinking people will understand this and will be diligent in making preparations over time at a relaxed, non panic pace.  This week I found a good price on Federal 9mm and so I added 1000 rds to my existing inventory.  I can say for sure and for certain that you cannot have too much ammo.  It never goes bad and it will never go out of style.  If you end up retiring before you use it all and you need to eat, the ammo retains its value and keeps up with inflation.