Centralbank volatility subsidies - increasing cost, increasing risk.
I guess it's been going on for almost three and a half years now. During this period, central banks all over the world has used taxpayer money for capital destruction. Medicine will have to be taken no matter what. The question is if taxpayers should have to take even more risk first - and then get hit anyway?
Well, let me explain my thinking. If one accepts the fact that buying a bond is the equivalent of selling a put, then follows that central banks have been selling puts for the thre and a half years - generating a short options portfolio for the taxpayers, who ultimately are backing the central banks.
If one also considers that many central banks have been buying junk credits, central banks have, on top of it, created a short convexity portfolio. In a subsidized, synthetically low volatility environment, this might work ok. However, in an increasing to high volatility environment on the other hand,,,,, not so good.
This is also in addition to the biggest debt and global macro imbalance this world has ever faced.
So, where are we in all this?
Well, stars might be lining up and solar activity is on a definite increase.
Consider the following variables;
* Chinese currency reserve growth ; zilch. When it goes into reverse - watch out.
The Chinese have not acted smarter than the rest of us, nor do they have a superior market system.
Rather the opposite. Their short sighted and panicky injection of 1.8 Trn Usd into their financial system during the financial crisis made generated further waves of bubble building. China to some extent now a "short gamma" economy; caught between debt driven into negative yield investments and no growth.
If they push bank reserve requirements up; growth falls. If they reduce them, inflation shoots (due to way too low interest rates, making saving capital non attractive, pushing capital into assets instead).
The bubbles in realestate, the bankrupt regions, the bankrupt five biggest banks(measured in terms of bad debt), the massive negative yielding infrastructure investments and the corruption are areas I don´t have time to go through at this time, but they do certainly not have a positive impact.
Which brings us into the subject of the "curse of the fixed exchange rate" - but this is material for a separate article.
* The Euro area situation - say no more. It´s game over, whether they know it or not.
Witness the separatist activity within various countries in Europe; Spain, Italy, France, etc
"Rich" areas want to break free from the financing burden. If there´s no "solidarity" domestically, how can anyone expect this between countries in Europe. It´s all a fudge and the European citizens will sooner or later dump Brussels. Why? Europe can't afford their capital destructive spending sprees.
EU budgets are to be increased. (The poorest nations with the biggest populations wants to increase it - so that´s the way it´s most likely to play out.)
* The US fiscal situation - being the world currency means it´s both a blessing and a curse.
EG; you will be receiving finance for longer, but you will also be allowed to dig a deeper hole before financing is denied. Ending up with a global "too big to bail" situation.
It also means the pressure on any nation silly enough to run a fixed exhange rate regime will be under even more pressure.
* The current regulation and its effects.
Lower market risk absorption capacity. Increased gap risks/digital risks - especially as asset volatilities increase. The changing of financial participants business models.
This factor will may also have a way greater effect than what is currently recognized amongst market participants.
The drive for certain assets due to regulatory incentives has also pushed the herd into an investment corner consisting of low risk premiums, which it might become really hard to get out of.
* The continued reliance on Markowitz / portfolio theory, utilizing linear products.
Indicates not much in the way of risk management and infrastructural shifts have been made within the industry - so far.
There are more aspects which also will have to be postponed for another post, but the above and several decision making events globally could generate the spark necessary to throw us into the next extremely volatility phase of this crisis.
* Some other macro risks
There are plenty around; EU budget, - financing, Chinese new president, Russia, Egypt, Israel - Iran, Argentina, South Africa, rising soft commodity prices -refugee flows etc, etc.
Bottom line; absolute vol is heavily subsidized in general, but many can´t take advantage of it - which makes it even more interesting for the ones who can. The key lies in the structure.
Although a very longtime since last said - good luck.
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advice. If you decide to use the information offered here for your real trading it is at your own risk.
Trading on margin carries a high level of risk and may not be suitable for all investors. A high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
Errors and Omissions may occur.
Any opinions, news, research, analysis, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
24 November 2012
01 November 2011
The freefalling Euro - soon at a theater near you
* Another day - another Euro rescue package
They all follow the same pattern, and essentially boil down to the following;
- We dont have any money.
- We dont understand how the market works.
- We do believe politics can solve massive economic imbalances.
- We do believe more debt and increasing leverage is a real solution.
This is the current Brussel politruk behaviour and it is not likely to change as panic sets in and these basic behavioral patterns are set on autopilot.
The Greece population is to have a referendum on the latest hard fiscal measures, and there is a real risk of this putting an end to the Greece Eur adventure.
I find it very difficult for any politician and any rescue package to stop momentum from developing further from here. Economic deleveraging is about to get in motion.
Hold on to your job and your cashflow best you can. Consolidate your assets. Try to capitalise on the developments - if you dare. It will be a rough ride. Try to take advantage of the possibilities that will open up.
Be long USD.
As usual -good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
They all follow the same pattern, and essentially boil down to the following;
- We dont have any money.
- We dont understand how the market works.
- We do believe politics can solve massive economic imbalances.
- We do believe more debt and increasing leverage is a real solution.
This is the current Brussel politruk behaviour and it is not likely to change as panic sets in and these basic behavioral patterns are set on autopilot.
The Greece population is to have a referendum on the latest hard fiscal measures, and there is a real risk of this putting an end to the Greece Eur adventure.
I find it very difficult for any politician and any rescue package to stop momentum from developing further from here. Economic deleveraging is about to get in motion.
Hold on to your job and your cashflow best you can. Consolidate your assets. Try to capitalise on the developments - if you dare. It will be a rough ride. Try to take advantage of the possibilities that will open up.
Be long USD.
As usual -good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
24 September 2011
Big bubble - big trouble
As I´ve mentioned in the blogs during the financial crisis, the steps taken during it only postponed the inevitable. And here we are, facing the facts. Its time to pay up, or reduce the debt -rebalance -globally.
This means lower liquidity - higher volatility - lower asset prices -default - debt writedowns -taxpayer payups - lower demand for products and services - business layoffs and bankruptcies - more defaults - more debt writedowns. This scenario is excluding China getting into trouble.
Unfortunately, there are increasing signs that it will.
That scenario is a scary one - but if it happens - and the risks are way too high for anyone to ignore it - the outcome could be massive. China is currently the worlds credit multiplier and liquidity provider. The curse of the fixed exchange rate have much to do with the creation of this monster. The unraveling of it could be something we will have to witness before long.
Any household, corporate, or global fund not trying their utmost to find ways to protect themselves against this (economic only, we hope) risk are putting the economic survival of their family, corporate or fund at stake.
The positive fact is that this time around, compared to the financial crisis, the traditional banks and the media are quick to jump on the bearish macro band wagon. Unfortunately, their macro horizon stops at Europe and the US. They still believe the fairy tale story that emerging markets and China will do well. Unfortunately - they won´t. As witnessed during the last week, commodities, carry plays and emerging markets are getting hammered. China is pulling back.
China has pursued the illusion of a diversification process whereby they have misallocated capital into silly investments, as well as different asset classes, pretending they are diversifying.
Unfortunately, I fear this will come to a horrible end as correlations - once again become 1 between asset classes. The liquidity factor for return on capital will be painfully clear as many investments will not generate any return of capital as liquidity dry up.
China; 40% undervalued currency. Export companies with a 2 %! profit margin. An economy dependent on domestic construction. Heavy credit losses disguised by liquidity. A corrupt government driven by centralised leadership.
Go figure.
I hope you all have your hedges on - if not, go get them.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
This means lower liquidity - higher volatility - lower asset prices -default - debt writedowns -taxpayer payups - lower demand for products and services - business layoffs and bankruptcies - more defaults - more debt writedowns. This scenario is excluding China getting into trouble.
Unfortunately, there are increasing signs that it will.
That scenario is a scary one - but if it happens - and the risks are way too high for anyone to ignore it - the outcome could be massive. China is currently the worlds credit multiplier and liquidity provider. The curse of the fixed exchange rate have much to do with the creation of this monster. The unraveling of it could be something we will have to witness before long.
Any household, corporate, or global fund not trying their utmost to find ways to protect themselves against this (economic only, we hope) risk are putting the economic survival of their family, corporate or fund at stake.
The positive fact is that this time around, compared to the financial crisis, the traditional banks and the media are quick to jump on the bearish macro band wagon. Unfortunately, their macro horizon stops at Europe and the US. They still believe the fairy tale story that emerging markets and China will do well. Unfortunately - they won´t. As witnessed during the last week, commodities, carry plays and emerging markets are getting hammered. China is pulling back.
China has pursued the illusion of a diversification process whereby they have misallocated capital into silly investments, as well as different asset classes, pretending they are diversifying.
Unfortunately, I fear this will come to a horrible end as correlations - once again become 1 between asset classes. The liquidity factor for return on capital will be painfully clear as many investments will not generate any return of capital as liquidity dry up.
China; 40% undervalued currency. Export companies with a 2 %! profit margin. An economy dependent on domestic construction. Heavy credit losses disguised by liquidity. A corrupt government driven by centralised leadership.
Go figure.
I hope you all have your hedges on - if not, go get them.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
16 August 2011
Another dip lower in equities before pushing higher?
* Equities should head lower short term - and then continue the correction higher.
However, equities have topped out for a while now. Risk for a heavier move lower is increasing.
But thats something for later on this summer/early fall.
* I am going short equities for this shortterm move lower.
As usual - good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
However, equities have topped out for a while now. Risk for a heavier move lower is increasing.
But thats something for later on this summer/early fall.
* I am going short equities for this shortterm move lower.
As usual - good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
09 August 2011
Too high expectations
* Wham Bam thankyou ma´m
Equity markets dropping sharply globally after lower future growth signals triggers drastic revaluation of equities.
The hopeless situation in Europe as well as the dissapointment that US consumers will not be acting as the buyer of last resort for goods and services for the foreseeable future.
Lets try to look at the " bright" side;
- US corporates are still doing well and are very well capitalised.
- Eurobonds could still be launched to fill the holes in the Eur pockets.
As usual, however, there is no free lunch. While it might solve market turmoil short term. Lower growth and purchasing power for Eur countries and citizens will be the consequence. It will happen anyway. Question is just - how low will they go?
* China - the elephant in the room
I would also like to mention China, which today launched July´s inflation number; 6.5% on an anuualized basis. This should really trigger further tightening measures from China, but during the current "equities falling of a cliff"
circumstances, they will probably not.
In either case, what markets - and the rest of the world, should fear now is China going bust. China has been experiencing a classic boom - and bust scenario and I believe they are about to enter the bust phase. This scares me and should scare you too - lets hope Im wrong. If I am not, you´d better prepare your house for the fiercest economic environment you might experience during your lifetime.
*Correction higher in equities starting today?
Meanwhile, the equitymarkets are bound for a rebound/ shortsqueeze.
Today could very well be the start for a decent correction higher. I am going long.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
Equity markets dropping sharply globally after lower future growth signals triggers drastic revaluation of equities.
The hopeless situation in Europe as well as the dissapointment that US consumers will not be acting as the buyer of last resort for goods and services for the foreseeable future.
Lets try to look at the " bright" side;
- US corporates are still doing well and are very well capitalised.
- Eurobonds could still be launched to fill the holes in the Eur pockets.
As usual, however, there is no free lunch. While it might solve market turmoil short term. Lower growth and purchasing power for Eur countries and citizens will be the consequence. It will happen anyway. Question is just - how low will they go?
* China - the elephant in the room
I would also like to mention China, which today launched July´s inflation number; 6.5% on an anuualized basis. This should really trigger further tightening measures from China, but during the current "equities falling of a cliff"
circumstances, they will probably not.
In either case, what markets - and the rest of the world, should fear now is China going bust. China has been experiencing a classic boom - and bust scenario and I believe they are about to enter the bust phase. This scares me and should scare you too - lets hope Im wrong. If I am not, you´d better prepare your house for the fiercest economic environment you might experience during your lifetime.
*Correction higher in equities starting today?
Meanwhile, the equitymarkets are bound for a rebound/ shortsqueeze.
Today could very well be the start for a decent correction higher. I am going long.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
02 December 2010
The ECB is forced to comply with markets expectations at todays ECB meeting.
* The ECB is cornered - again.
Stuck between a rock and a hard place.
Upbeat ECB forecasts for the Eurozone to be expected for today. Simoultaneously the ECB is mulling whether to buy PIIGS bonds again. The Eurozone Emergencyfund is also out declaring an 8BN Usd bond issue for this SPV(Special Purpose Vehicle), a classic vehicle from the the financialcrisis, by the way. Evidently, Asian Central banks seems to have a vested interest in ensuring its success.
This all boils down to a a correction in the market, in my book.
Eur/Usd has fallen 12 cents in 3 weeks, so a correction towards the mid 1.3350 should be in order, it could even stretch above that. Anyway, Im viewing this from a xmas perspective and I am not expecting these festivities to last beyond xmas.
I believe markets are currently ignoring Chinas liquidity depleting measures. I am not. I am hearing the Chinese loud and clear. The Chinese liquidity generator is gearing down. Deleverage.
Get ready for higher rates and stagflation.
If this is the case. This xmas rally should be treasured.
*Positions and positionchanges
Ive bought Eur/Usd for a move towards 1.3350. Trusting ECB to oblige market expectations today.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
Stuck between a rock and a hard place.
Upbeat ECB forecasts for the Eurozone to be expected for today. Simoultaneously the ECB is mulling whether to buy PIIGS bonds again. The Eurozone Emergencyfund is also out declaring an 8BN Usd bond issue for this SPV(Special Purpose Vehicle), a classic vehicle from the the financialcrisis, by the way. Evidently, Asian Central banks seems to have a vested interest in ensuring its success.
This all boils down to a a correction in the market, in my book.
Eur/Usd has fallen 12 cents in 3 weeks, so a correction towards the mid 1.3350 should be in order, it could even stretch above that. Anyway, Im viewing this from a xmas perspective and I am not expecting these festivities to last beyond xmas.
I believe markets are currently ignoring Chinas liquidity depleting measures. I am not. I am hearing the Chinese loud and clear. The Chinese liquidity generator is gearing down. Deleverage.
Get ready for higher rates and stagflation.
If this is the case. This xmas rally should be treasured.
*Positions and positionchanges
Ive bought Eur/Usd for a move towards 1.3350. Trusting ECB to oblige market expectations today.
As usual, good luck
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
01 December 2010
Keeping an eye on tommorrows ECB meeting; The ECB seems willing to buy peripheral bonds
* It seems the ECB has become worried enough to consider buying peripheral bonds again.
This will of course only help short term, but this is nonetheless a shortterm solution to try and normalise current markets.
If they do, markets will shift towards a positive risk on mode, benefitting Eur/Usd, equities,etc.
*Positions and positionchanges
Ive taken profit on my short Eur/Usd position. Iam now awaiting the ECB meeting tommorrow.
As usual, good luck.
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
This will of course only help short term, but this is nonetheless a shortterm solution to try and normalise current markets.
If they do, markets will shift towards a positive risk on mode, benefitting Eur/Usd, equities,etc.
*Positions and positionchanges
Ive taken profit on my short Eur/Usd position. Iam now awaiting the ECB meeting tommorrow.
As usual, good luck.
The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.Errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice."www.todaysmacrotrading.blogspot.com" will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.© 2008 "www.todaysmacrotrading.blogspot.com:The traders blog" All Rights Reserved.
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