9/19/2007

FOMC, AUDJPY

FOMC equals "Friend of Market Committee" I guess. What a find mess we have on our hands. Bernanke is murdering the dollar, 'nuff said.

Anyway, with the 50 bp cut I decided to end my little long USD adventure (steepeners too). It was painful but not a big deal. I never get in a position where I can't fight back the next day. And remember, only a portion of my wealth is dedicated to trading. I still can't see any solid long-term investment opportunities that offer decent entry points right now and so I'll mostly trade short-term from here.

With Tuesday's risk-loving bonanza, carry trades are closing in on serious resistance levels. I like AUDJPY above key fibo 99.40, coinciding with the early August low.












Trade: sold AUDJPY @ 99.76.

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