I am torn right now about whether to buy. The fact that the word depression is being thrown about pretty freely makes me want to buy, for a trade. What is holding me back is the seriousness of the situation. The Eurozone is in a negative feedback loop and the people that can help are literally on Summer vacation, for the rest of August. To make matters worse, the Germans don't seem to want to do anything about it.
When the reactor at Fukushima was about to explode I went leveraged long because the worst case was that it would explode. While it would have been a terrible human tragedy, the world economy would not slide into recession because of it. Unfortunately, the same cannot be said about the current situation. Hopefully the ECB will be able to stop the damage. I remain long companies with little economic sensitivity and have no hedges. That is as far as I am willing to go right now.