The situation in Libya is now turning toward an early Rwanda-like massacre. The market will soon start discounting international intervention in Libya as mercenaries fire indiscriminately at anyone on the streets and Gadhafi blames Al Qaeda for putting hallucinogenic drugs in their children's Nescafe-yes, he said that!
Smart money or not, when things get this out of hand it's hard to maintain the gameboard. We'll try to sty on top of it, but events that are not discountable by smart money are unfolding faster then I can read about them. In cases like this, institutions wold rather de-leverage and go to a risk off position like cash. Make sure you have your feet wet in some short positions.
Things are spinning out of control like I've never seen.
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