Asian Business Issues - Rants & Raves, Illusions & Collusions etc.
Yesterday's daily reversal of the S&P's up 20 over pts to down around 20 pts.Todays open and it was down around 20 pts to be on the plus side for a short while when herds of bulls were out snatching up the stocks on sale.Only to end down about 5 pts.Technically,yesterday's reversal do not look too good on the charts.So do expect at least a few more days on the downside.At least a correction to shake out the weak longs,if not a top is in place.Dlr/Yen was down almost 200 pics to only end down 100 pics at close.Maybe the trading gods will finally be on our side.
We went flat on long yen for profit of 90 pips after being down almost 200 pips.The Usd/SF has gave back has over 200 pips.Just went long Usd/SF at 97.15.Looking for Usd/SF to be at 1.02 or higher in next wave up.Have a nice weekend folks.
My mistake.We went long Usd/SF at 96.15.We are breakeven at close.
Went flat on Usd/Sf at 0.9755 for 140 pips profit.The peg of Euro/Sf at 1.20 has soared to 1.2550.To re-enter on a pullback.Now we are stuck with the losing S&P.This trade we will have to sweat it out for at least a couple more weeks or so to be able to see a profit if any,if we do not throw in the towel first.
We just went long Usd/Sf at .9615.
Today the stock market was going like a roller coaster.Down almost 100 pts to up 100 pts to down 200 pts at close.For the S&P we are at break even,with enough pips left for a nice dinner.I covered 3/4's of position,so we are left with 1/4 of original position,as we are not that lucky in the indexes.We are very lucky to get off without losing our pants,so we should be thankful.The long Usd/Sf was down 100 pips early this morning to plus some before closing down 65 pips.Although the peg is still 400 pips above set by SNB,we triple up on this trade as we have excess margins from the S&P.The SF looks the most vulnerable among the majors,and also we have been very hot in the FX.The Yen and Aussie have been beaten down so badly that it is overdue for a correction.If the Usd/Sf trade works in our favour first,we will them flip into going long the Yen or Aussie.Some big player/players came out after the Japan close and sold the Nikkei.In the thin after markets,he/they totally erased whatever the Japanese market gained.With the Dow down 208 pts and the gap down when the Japanese markets open Monday,things do not look so good for the Asian markets.Have a good weekend guys.
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