It stands for "Portugal" in Greek. Yup that's right. Portuguese debt was today downgraded 2 ratings by S&P, and few minutes after, S&P cut Greece's bonds to JUNK bonds (a ratting lower than BBB-).
I keep saying over and over again, that Portugal is at the brink of collapse. Our ignorant governants of course all they do is blame the evil speculators, instead of doing their job, which is to balance the freaking finances.
PSI-20 today crashed -5.4%, while Greece declined 7/8% if I am not mistaken...
This was last night's graph of the Portuguese index:
I said yesterday, there was no freakin' reason to want to be invested in PSI-20, and I guess it was for a good reason. Today we closed at around 7,000 points, which pretty much is the bottom of the previous graph...
As for Greece, remember the graph I posted last week with a Head and Shoulders pattern... now the index stands like this:
I will say it again, don't try to catch a falling knife...
Είμαστε πατήσαμε (We are fu----)
