Treasury sells 7-year notes at lowest yield ever, 1.415%.
A number of new (and old) stock picking services are brought to our attention most every week. We coined the term “wreck-o-mendations” because of the severe portfolio damage they can do.
Click here for more of a discussion …
In any event, we are following a number of put selling trade recommendations with Dec 2011 expirations started last week. EVERY one is already in-the-money and we aren’t even in December yet!
As a reminder, selling naked puts is effectively being long the market and therefore comes with substantial risk especially in a down market that many believe has crash potential.
HSBC reports initial “flash” reading of its China manufacturing survey fell well below forecast to a reading of 48.0 for November (contractionary). October was a mildly expansionary 51.0 reading.
Treasury sells 5-year notes at lowest yield ever
Mario Monti Italian prime minister
IMF European manager Antonio Borges
MF Global’s John Corzine
CDU votes to allow Euro exits, but they voted down weighting according to relative economic size.
Berlusconi resigns as prime minister.
Italy oks reforms.