Now, folks, this Thai regulatory fiasco is fueling the currency market more than anything. If you haven't heard about it go on Bloomberg or Reuters and read. It's totally a fundamental situation, the ridiculous Thai regulation announced yesterday basically decimated their stock market in a regulatory attempt to devalue their currency. The intended currency devaluation was an attempt to cheapen their exports and discourage speculation.
Thank God I watch this stuff like a hawk, because outside of this information, purely technical, I was short on Cable yesterday. When it happened I reversed and now have 3% on my account in less than 24 hours, minus the drawdown from stopping the shorts.
What happened was the fear of a new Asian bust like back in '97, when it was also fueled through Thailand. There were major safe-haven inflows into European currencies today from Asia, however they were avoiding the USD due to its current weakness. US Econ data should have moved USD stronger today outside of this move, but it's an international market. I hope you all don't trade entirely technically...
Thank God I watch this stuff like a hawk, because outside of this information, purely technical, I was short on Cable yesterday. When it happened I reversed and now have 3% on my account in less than 24 hours, minus the drawdown from stopping the shorts.
What happened was the fear of a new Asian bust like back in '97, when it was also fueled through Thailand. There were major safe-haven inflows into European currencies today from Asia, however they were avoiding the USD due to its current weakness. US Econ data should have moved USD stronger today outside of this move, but it's an international market. I hope you all don't trade entirely technically...
"The time to act is when others show signs of tire." --W.D. Gann