Trading In A Minefield – Day 2 Consolidation
Headlines patchy and sounding real repetitive.
I turned the boat around yesterday. Squared out short UST ETFs (TBT US and PST US). Squared out the SILV long for the interim, looking to re-enter under 32.00. Turned long on Short S&P ETF (SDS US).
FX : SHORT EUR/USD looking tired despite the Greek downgrade.
Chart looking real supported which reminds me of the time Panda Bank came into action in 2010, forcing the world out and buying at the low of 1.19 or even last year when I cut at 1.49. Not thinking, just reacting.
Will attach charts later when I figure out how to use this Macbook properly.
Morning Headlines
| Zerohedge | Goldman goes long WTI |
| Zerohedge | BOOM – IMF Official : “Huge” Greek Program Implementation Risks In Next Few Days |
| Business Insider | There is a Huge Problem With The German Economy – And It Could Affect Everyone by |
| Zerohedge | Shirakawa : “Additional easing aimed to defeat economic deflation.”Yes its year 31 of deflation |
| Reuters | Greece pores over bailout laws amid protests |
| DJFXTrader | IMF Official says fund likely won’t loan more than EUR30 billion to Greece to avoid excessive risk taking |
| DJFXTrader | GBPUSD is poised for deep slide. Price action since BOE minutes has been very bearish. Possible H&S pointing to 1.5503 |
| DJFXTrader | BOJ Shirakawa : 1% rise in JGB Yield Wil Result in Y3.5T Loss for Big Banks |
| WSJ | Australian Government Tips Into Crisis : Our Latest |
| Business Insider | The Consequence of War on The US Economy |
| Zerohedge | Guest Post : Ben Graham’s Curse on Gold |
| DJFXTrader | IMF Official : Huge Greek Program Implementation Risks In Next Few Days |
| Zerohedge | Russia Warns Israel : Attacking Iran catastrophic for Middle East |
| FT | US Prime Money Funds Raise Eurozone Exposure |
| Reuters Biz | HP Profits Plummets, CEO urges Patience |
| WSJBusiness | Warning is Issued About Plane Glut |
| BBCBusiness | Yen Falls To Seven-Month Low |
Same old, same old. And the EUR/USD shorts are getting tired.
And I am thinking if it would have happened, it should have happened by now. But I am bearing in mind this, which I read yesterday on WSJ. Maybe we will give up before the market gives in. We are part of the whole after all.
| Jan was the only month where Equities, Treasuries, Oil and Gold all rallied. |
| This is only the 5th month in the past 5 years where all 4 major asset classes have appreciated in unison. |
| In 3 of the last 4 occasions, there was a double digit decline in stock prices. |