It was one hell of an ugly year for Italy, Spain and Greece.
In May, I called it the Pavarotti, Tapas and Tzatziki Crash.
Then came July.
It was the motherf#[email protected] of ugly. The three countries ETF’s plunged almost 30 percent in the course of 15 trading days. They were down 9 percent in just three days. No one wanted them. They were the $RIMM of countries.
As with most panics, something happened. Prices got appealing enough that no matter how much we joked or hated their politics or politicians or policies…there were more buyers than sellers.
We have now romped 40 percent. Not sure anything has changed other than the prices.
It has been one hell of an ugly summer for Facebook too. In July and August, the stock was off over 40 percent.
We laughed, we joked, but if you were a shareholder, you cried.
I have resorted to calling them Faceplant.
But that was so last week.
I am wondering if they have a little Italy, Spain and Greece in them at the moment.
So I bought a little. I expect to be disappointed. Just wanted you to know.
PS – Not sure if it is a coincidence, but Facebook has the same colors as the Greek flag.