Whoa Nelly...SEA (shipping) off 50%...Crete (Greece) hits the street

bee

It's starting to look a lot like bad news bears meets the slobbering junk yard dog. Come on markets...help a Greek God out here. How can a country the size (GDP) of Rhode Island kick the markets arse so convincingly? Seems we're in the midst of a Greek tragedy. We all need to "Bush"inate and go out to the malls and buy Greek products.

What does Greek do better than anyone else? Olive Oil, Figs, Shipping and Ouzo...especially Ouzo...Might be a buying opportunity or at least a drinking opportunity. Dinner's on me...Greek Zorba festival at my house!

Might be an opportunity to buy some shipping...SEA is a shipping EFT...20% of the EFT are made up of Greek shipping companies...shipping pay a nice dividend while you wait...7%

scott

Dryships down nearly 14%. (DRYS). The stock was well over a hundred in 2008. It's now $2. Things turn South further and I think the dividends stop getting paid. FRO (Frontline) also down nearly 15% today.

catch22

Howdy bee,
We support the local Greek festival and a fair number of the many Greek owned/operated family restaurants in the area.
I have become a bit to the fuzzy side of life with too much Retsina wine.
If the other folks just didn't have so much of their cash parked in Greek debt; well things would be different, eh?
Take care,
Catch

johnN

hi bee
we don't really know what's going out there
CAN YOU SAY P--I--I--G--S
or cali, NY, nevada, florida, new mexico...

also, oil looks very cheap, mid 70s/barrel, maybe buy more VDE...
drumroll....get your shopin' list ready!

scott

Reply to @johnN: It's an issue of Greece and the institutions that will be effected if they default, and a potential "domino effect" with other countries. However, the banks in this country still have massive issues. There was a great interview with Michael Lewis ("Liar's Power", "The Big Short" and other books) yesterday on CNBC, and he said effectively what I've been saying: how are we back discussing these financial companies after we bailed them all out only a few years ago? It's a crisis of confidence - Morgan Stanley comes out and says it doesn't have significant exposure to Europe, and two or three banks apparently have to come out and back them up. Yet, Morgan Stanley continues South. People don't believe them. I think there's also an element of counter-party risk fears.

In other words, this: http://market-ticker.org/akcs-www?post=195306

bee

Reply to @scott:

Thanks for the lead on Micheal Lewis Interview...here's Kyle Bass whom Micheal Lewis refers to in his interview:

http://www.businessinsider.com/kyle-bass-greece-will-default-and-it-wont-be-orderly-2011-9

bee

Reply to @johnN:

As you may recall I took profits from my position in VDE and used those proceeds to buy EDV back in the spring. As VDE has dropped in value EDV has soared. I took profits a little early on EDV...went to cash in July...EDV is up another 15-20% but, it can drop as quickly so a short lease strategy is a good policy here. I do believe there is some ying/yang to these two EFTs...here they are charted using M*:

http://quote.morningstar.com/ETF/chart.aspx?t=EDV&region=USA&culture=en-us

You may have to add VDE into the compare box...then change the time frames...interesting opposing movements at times.

Not sure if it is time to buy into energy just yet...we could see lower commodity/energy prices if the world is de-leveraging...deflating.

bee