Shorting the Foot was a fantastic move in a bank heavy index.
Shorting the DAX is just incredible when you're on the right side.
Shorting the Hang Seng was stupid. Feel like Soros being carried out in the Asian Crisis by Chinese led PPT. Shorted at 21700, covered at 21850.
Still short SPX from yesterday, no reason to change, if it breaks 1245 and ends the week below that its your head and shoulders thingamajig broken and I expect plenty of technicians will be piling into it.
Refuse to touch the XJO. Mugs game.
As expected, the EUR/USD and AUD/USD continues to decline rapidly after an initial "Hang Seng is bouncing" led surge.
Mindful of the LAST time I went all in on a head and shoulders pattern forming only to have myself taken out to the cleaners, I am trading with the expectation that it will hold 1245 this week, but will dip several times below that from now till Saturday morning, as people will by nature give it a real shove.
The ranges for me are around yesterday's lows on the opening - 1230-1235 to cover and 1258 - 1265 to short.
This being a horribly oversold market, the more I hear about bottoming out and stochastics and so on (no disrespect to technicians) the more convinced I am about this going through and finishing below everyone's expectations.
Of course, there is the possibility the US will engineer something to show that NFP rose by 12349528131 jobs on Friday (after all they can always revise the numbers next month) to save the market.
I have a sneaky feeling watching global indices that there is a distinct pattern forming of currencies leading markets. It STINKS of portfolio liquidation. And judging by the volume and the way the market tanked Monday and Tuesday night into the close, and how the ASX got roiled today, and looking at the Footsie from today's opening (down 100 from the open is a massive day for a lowish beta index like Foot) you can bet your bottom dollar that the portfolio managers all stayed in through out "Debt ceiling Deal" weekend and hoping for a recovery, not getting one and getting redemptions.
I'm moving my stops to entry price on the Foot at 5608, DAX at 6704, SPX at 1259 and EUR at 1.431.
As I'm typing its getting towards the 1030 mark, where the orders start to pile on on the insto side. It's gonna be carnage right up till the US open, and we shall see if the fundies follow through in the States.
(20min delay)