A Meeting of the Mindless

Another “we are the world” moment has kicked off in sunny Los Cabos, Mexico. The sevants who have imploded the global utopia will all belly up for rum runners and wave runners as  the Spanish 10 year tags 7.09%. They call it an “informal meeting”, so I guess it will take absolute disaster to get them off their parasails and banana boats. It will be one big telethon.

Denmark just sold paper at a first time negative yield, but everybody else in Europe is paying through the nose this morning.

Spain just announced that they will delay  detailed bank audit results until September. Nothing like more fog and uncertainty to start the day.

I’ve enjoyed all the apocalyptic rhetoric because the tape only goes higher. I’ve been scaling out of some names on strength, raising stops, but I’m also adding some some new things. The tape is still rotating and that won’t change.

$AAPL looks excellent again on the charts by the way.

I’m starting positions in the coal names as I think the sector will have a great second half. They will either all go bankrupt or I will make a fortune. ($KOL)

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Oh, and never do this

 

 

 

Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.