Thursday, June 7, 2012

Status quo

On the road again and it's nice to be out of the traffic mess and snarl, the craziness of people in tight quarters. No, out here it's quiet, less traffic and even with a job to do, I can relax almost instantly. Catching up with today's price action. China cut interest rate, but Bernanke was predictably stoic after a huge two-day run-up in the market. Don't forget the bullish comments coming out of Fed bankers recently, and Bernanke had to stay quiet, ie douse the flames with a sprinkling of cold water.

Would've been profitable to short financials after the open today via FAZ, but I was asleep at 3:30 am and later was on the road. It's looking more and more like a dead-cat bounce, though this one is completely attached by umbilical cord to monetary easing (or not) and Eurozone politics. That's what makes it difficult to hold FAZ overnight. Had I tried this yesterday, I would've started today's session down an full buck. Not worth the risk.

Looks like a lot of jibber-jabber on the way from people like Fed bankers, and that'll make for a lot of useless running in place between now and those key Eurozone elections in about 10 days. Just enough time to really take a deep breath and enjoy the view.

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