12 May 2009

Reality flashback?

In a bit of a hurry this morning due to travelling arrangements. Will be updating as per normal tommorrow again.


# Shortterm it seems we are in for a correction in riskappetite and risky assets
I am looking for it to last more than one day at least,,,,, Quite a few risky assets that are severely overbought; equities, currencies, creditspreads too tight, bond yields too high, commodities too high(apart from gold perhaps).


# New positions and position changes
- Taken profit on long Eur/Usd
- Taken profit on long Gbp/Usd
- Long ETF Ultrashort Us Financials ETF
- Long Eur/Nok


As usual, good luck









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2 comments:

J72 said...

Morning...picked up some usdzar on the dip this AM....does make sense with equities consolidating and resistance above in EURUSD... i worry a little that people positioned long already though

Macro trader said...

Hi there J72,
Im not too worried about the market being long Usd/Zar. Sure, it has been a choppy ride upwards and it is likely to persist.
However, I am looking for at least a high 8.70 handle on Usd/Zar near term. Could be in for a pullback towards mid 8.40;s first though. Ive taken profit on half my long Usd/Zar position and will buy more on a dip.
Best of luck