Cyprus Drama: Now will Stocks Fall?
The news of Cyprus closing it's banks until Thursday has got us thinking the iPath S&P 500 VIX ST Futures ETN (VXX) and ProShares Short S&P500 (SH) are the weapons of choice. Trading could get very rocky and it's reminiscent of the Bear Sterns and Lehman Brothers disaster. There's no panic yet but that's because we all don't think Cyprus has much clout to move the world markets.
Today the VXX is up 2.6% and the SH is up less than 1%. We know have to listen to the media debate about how important or unimportant the impact of the pending Cyprus Bailout will have on our stocks. Now could be a great time to review gold and silver stocks or just stay in cash.
Forget what we may think, check out Henry Blodget's take on the whole mess. If anything Blodget sums it all in a quick article that is worth your time today. If you only read one article today about the market, read this one.
Happy safe trading Masters.
Here are the charts for the VXX and SH:
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