Ad Hoc Commentary – the 47.5% haircut; still staying away from equities

The Cyprus bail-in is confirmed at 47.5%:

“…Deposits above the guaranteed limit of €100,000 will face a 47.5 per cent haircut…”

For those with deposits in banks, you might want to check what your bank is holding as reserves. Cyproit banks were holding Greek government bonds before the fall. Let’s see what the pensioners finally end up with in the Detroit bail-in. Perhaps 30 cents on the dollar?

Overnight, yours truly was amazed that the Dow made new highs. The move higher is the medium term trend but it still seems premature for now. We need to get closer to Merkelections first. Am staying away for now.

We all know that many traders are superstitous. So for what’s it is worth:

“…Once every few weeks—the next time is Friday—Nippon Television Network Corp airs a Ghibli movie in the prime Friday evening spot. During the trading session after that, market veterans say, bad things happen…”

Good luck in the markets.