Dow Down 143 p

...surprised not to see more downside on a day like this but whatever. Had a great day: 11 points in SPX, 190 pips in GBPJPY. Judging from the tape, next couple of days could bring about some dire moves. The Beige book once again said that the real economy isn't effected by the subprime mess. So why cut rates, Bernanke? Thought so!

Trading template going into the weekend: JPY break-outs everywhere.
  • USDJPY @ 114.99
  • EURJPY @ 156.52
  • GBPJPY @ 231.89 (this lvls is massive!)
  • CADJPY @ 109.03

Also EURCHF @ 1.6427, a break here would set off further risk reduction across asset classes.

Data on September 6th:

0130 Australia August employment change (21,800)
0130 Australia August unemployment rate (4.3%)
0300 NZ August ANZ commodity price index (4.7%)
0545 CH August unemployment rate (2.5%)
0600 Japan August machine tool orders (18.8% y/y)
0830 UK July industrial production (0.1% m/m)
0830 UK July industrial production (0.8% y/y)
1100 UK Bank of England MPC interest rate decision
1145 Eurozone European Central Bank interest rate decision
1500 US Federal Reserve Governor Kroszner speaks
1500 US San Francisco Fed President Yellen speaks
1600 UK St Louis Fed President Poole speaks
1625 US Richmond Fed President Lacker speaks
1800 US Dallas Fed President Fisher speaks
2301 UK August NIESR GDP, estimate (0.8%)
2330 Australia August performance of construction index (48.8)

Crude oil still rallying, full retracement toward $79 seems reasonable.

Until next time...

1 comment:

xhc said...

Just found your great blog off Fly's.

I primarily trade/invest in Aussie equities and also indices + currencies.

Hope to learn some stuff from you in the future.