Archive for March, 2010

Fun and games with the euro –FXE

Posted on Mar 30, 2010 by .

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2010-03-30-fxeInteresting.  Today’s WSJ documents some canny trading by Goldman Sachs and Citi in the euro.  We have marked their reported trades on the chart.

These trades are a memorial to the principle that having opinions about the market will get you in trouble and lose money.

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The Dow upwave… little train stilll chugging along…

Posted on Mar 27, 2010 by .

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2010-03-27-induLike everyone else in the world we are expecting a downwave — or a correction, or a retracement or a wipeout– call it what you will.  Unlike everyone else in the world we don’t let our expectations or predictions or forecasts interfere with our trading.  We do what the chart says to do, and do it when the chart tells us to do it.  At some point in our checkered (plaid?) career, after having nose bloodied many times we learned to respond to the market 99% of the time, not to try to outguess it.  Readers will note that we are still learning this lesson (see euro trades).  Oh, well, nobody’s perfect.

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Breaking away: AIG, C, BAC, TBT

Posted on Mar 25, 2010 by .

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2010-03-25-bacDon’t ask us why, because we never worry about why, but the expected downwave has not yet materialized, and, in fact a number of issues we watch are breaking out:  BAC, here, and not illustrated, but with similar charts, C, AIG, and TBT.

We will be adding on to our commitments in some of these.

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FXE. Short the euro.

Posted on Mar 24, 2010 by .

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2010-03-24-fxeHere is an engraved invitation to either short the euro (FXE) or add on.

Almost too delicious — the flush and run and the nudge of the downtrend line.  We of course for our account went sideways.  Wrong.   Ironically the real Basing Point is the 16th at 137.53.  You can of course do this, but not as effectively, with UUP.  More on this later, in the meantime jump on this short and help sink Greece, the PIIGS and western civilization.

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Bull trap. Snap. CNLG. Flags? AIG, C…

Posted on Mar 23, 2010 by .

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2010-03-23-cnlgAs readers know, we sternly inveigh against rash speculation, gambling and other forms of non-Lutheran fun.  Prudent readers should just be content to beat the market with the indices and ETFs and tut-tut as Enron speculators and oil gamblers  go down.

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