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.
24 September 2011
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.
16 November 2010
The curse of fixed exchange rates
* Fixed exchange rates creates huge misallocations of resources and have very much contributed to the global problems we are witnessing today.
China, Europe, the Baltics etc are good examples of it.
Without floating exchangerates there is less of a " mark to market" of a countries worth. The interestrates mechanism is not capable of compensating fully for the lack of exchangerate flexibility.
The US of A is admittedly in trouble and they do have a floating exchangerate, but- one of the reasons it could build up such extreme imbalances was the fact that the USD is the worlds reservecurrency. Im just saying that this is a distortion in itself. Without such a status, the Usd would probably have been punished way earlier and quite severely, too.
Well, now the world order is what it is.
*The Eurozone is in deep trouble, much due to the common currency and a lack of common fiscal policy.
However, human nature, acting on economic incentives, creates far greater risks with fixed exchangerate regimes compared with floating ones.
Politicians have really stepped in it this time around. My view is that there is very little chance that any politician will be able to pull off extreme internal devaluations in these countries. No one else has succeeded so far.
The Baltics, you say? Right. Latvia failed to live up to its "money for budgetpromises" set up - twice. And still got the money (the EU commission was willing to pay all along, no matter what. )Estonia is now generating inflation - what happened to the internal devaluation?
Anyway, with the PIIGS countries its on a whole other scale. I doubt the Germans are willing or capable to pay that bill. Mrs Merkel has already stated bondholders will face some losses on any government default from 2012 onwards, as the EFSF set up changes - PIIGS bonds, anyone? Chile ,Norway and Russia has got the message loud and clear - and stopped buying PIIGS bonds.
Having said that - there might actually be a bailout of Ireland. When/if this happens, I suspect the markets will rally, anticipating bailouts for all of the PIIGS countries if necessary.
This conclusion is on very shaky ground and I would be more prone to sell into it.
*Chinas role as a liquidity generator is over.
From now on liquidity is set to tighten.
Since China does not seem to dare using the most efficient weapon - FX, in fighting cost push inflation. The consequences could actually become worse if they dont, due to overkill behaviour with blunt instruments such as the interest rate and bankreserve requirements.
*Emergings are getting hit by tidalwaves of liquidity and Turkey has now started what might become a new emerging country trend; keeping the repo rate stable but cutting the Depo waaay down.
Turkey reently cut by their depo by 400bp!
No more carry here, hot money!
Hmmmmm, and where are all the long funds, pensionfunds and lifers invested? Could it be?,,,,,, oh yes,,,,,, emerging markets, the secret holy grail,,,, could become scary, this.
* Dont mention commodities - dont mention China
"All" banks are touting the mantra of commodities and portfolio diversification. The latter actually sounds good. The only problem is that currently, all assets are driven by hot money and the correlation is way up there. I bet that on a sensitivity based analysis, it doesnt look good either. Conclusion anyone?
There is currently no real portfolio diversification in owning various assets. Anyone thinking so might be facing some quite straining scenarios going forward. Assetmanagers should be cautious. They should be using instruments to protect themselves. There should actually be room for a new breed of assetmanagers out there. The old "fire and forget, buy - and hold em" assetmanagers have had some great twenty years, but those days are now most likely over.
* New positions and position changes
Im getting ready to take some shortterm profits in FX and commodities.
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.
China, Europe, the Baltics etc are good examples of it.
Without floating exchangerates there is less of a " mark to market" of a countries worth. The interestrates mechanism is not capable of compensating fully for the lack of exchangerate flexibility.
The US of A is admittedly in trouble and they do have a floating exchangerate, but- one of the reasons it could build up such extreme imbalances was the fact that the USD is the worlds reservecurrency. Im just saying that this is a distortion in itself. Without such a status, the Usd would probably have been punished way earlier and quite severely, too.
Well, now the world order is what it is.
*The Eurozone is in deep trouble, much due to the common currency and a lack of common fiscal policy.
However, human nature, acting on economic incentives, creates far greater risks with fixed exchangerate regimes compared with floating ones.
Politicians have really stepped in it this time around. My view is that there is very little chance that any politician will be able to pull off extreme internal devaluations in these countries. No one else has succeeded so far.
The Baltics, you say? Right. Latvia failed to live up to its "money for budgetpromises" set up - twice. And still got the money (the EU commission was willing to pay all along, no matter what. )Estonia is now generating inflation - what happened to the internal devaluation?
Anyway, with the PIIGS countries its on a whole other scale. I doubt the Germans are willing or capable to pay that bill. Mrs Merkel has already stated bondholders will face some losses on any government default from 2012 onwards, as the EFSF set up changes - PIIGS bonds, anyone? Chile ,Norway and Russia has got the message loud and clear - and stopped buying PIIGS bonds.
Having said that - there might actually be a bailout of Ireland. When/if this happens, I suspect the markets will rally, anticipating bailouts for all of the PIIGS countries if necessary.
This conclusion is on very shaky ground and I would be more prone to sell into it.
*Chinas role as a liquidity generator is over.
From now on liquidity is set to tighten.
Since China does not seem to dare using the most efficient weapon - FX, in fighting cost push inflation. The consequences could actually become worse if they dont, due to overkill behaviour with blunt instruments such as the interest rate and bankreserve requirements.
*Emergings are getting hit by tidalwaves of liquidity and Turkey has now started what might become a new emerging country trend; keeping the repo rate stable but cutting the Depo waaay down.
Turkey reently cut by their depo by 400bp!
No more carry here, hot money!
Hmmmmm, and where are all the long funds, pensionfunds and lifers invested? Could it be?,,,,,, oh yes,,,,,, emerging markets, the secret holy grail,,,, could become scary, this.
* Dont mention commodities - dont mention China
"All" banks are touting the mantra of commodities and portfolio diversification. The latter actually sounds good. The only problem is that currently, all assets are driven by hot money and the correlation is way up there. I bet that on a sensitivity based analysis, it doesnt look good either. Conclusion anyone?
There is currently no real portfolio diversification in owning various assets. Anyone thinking so might be facing some quite straining scenarios going forward. Assetmanagers should be cautious. They should be using instruments to protect themselves. There should actually be room for a new breed of assetmanagers out there. The old "fire and forget, buy - and hold em" assetmanagers have had some great twenty years, but those days are now most likely over.
* New positions and position changes
Im getting ready to take some shortterm profits in FX and commodities.
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.
25 October 2010
No G20 deal this weekend was no surprise, Nov 11-12 is where the chance lies. Will we see more drunk driving til then? Use options.
* Implied and realised assetvolatilities are set to rise - no matter the Nov G20 outcome.
Depending on the outcome, the speed of the rise will vary. In any case, global liquidity has seen its top this time around. Global liquidity to get reduced going forward.
Im using options instead of underlying.
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.
Depending on the outcome, the speed of the rise will vary. In any case, global liquidity has seen its top this time around. Global liquidity to get reduced going forward.
Im using options instead of underlying.
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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