Cable Update (GBPUSD)

Regardless what happens for the rest of this day....I bet bulls will be in FULL FORCE come London open on Monday, with US on holiday.....

ok i was drawing another one, from the 2 last local bottoms

I love it when you go up you #$%^&*()

I am short long term.. Let you know when I am done...

Be careful it might be getting ready to go back down........

G.Bush plan will help the home owners on refinancing their loans but will not pay their loans off. so, it will not be real helpfull for the carry trade...

"Fed Chairman Ben Bernanke reinterated that central bank will "act as needed" to keep the credit crisis from spreading but will not bail out investors who made poor decisions."

In 10 min comes Bush saying US WILL bail out borrowers who made poor decisions...

Is it not.. hmmm.. kinuva... SAME CRAP?

Makes me want to see the market spank these guys with a well put 11,000 dow jones, to see what they have to say...

Well, there are people betting in that scenario, bin or not bin

My SL @ BE (cable killed my shorts today, so I must follow the "No mistake theory")

The dollar jumped against the euro Friday, reversing some of its earlier losses, after the head of the Federal Reserve said it's not the central bank's job to protect investors from their own decisions.

The greenback also gained modestly against the yen following the release of
Ben Bernanke's speech, extending its earlier gains, but it quickly reversed the
knee-jerk rise.

"It is not the responsibility of the Federal Reserve - nor would it be
appropriate - to protect lenders and investors from the consequences of their
financial decisions," Bernanke said in his speech in Wyoming.

Andrew Busch, global markets strategist at BMO Capital Markets, said
Bernanke's comments suggest he feels there's "no need for the Fed to cut the Fed Funds rates at this moment." Rate cuts would likely hurt the dollar, as it reduces the currency's appeal to investors.

Still, traders also said the dollar's gains against the euro were partly a
technical correction to its earlier losses Friday, and were hesitant to
attribute too much correlation to Bernanke's speech and the dollar's moves.

"Bernanke did not say anything that was terribly surprising," said Alan
Ruskin, head of international strategy at RBS Greenwich Capital.

Despite Bernanke's suggestion that he may not want to bail out investors with a rate cut, he also said the Fed must take the effects of recent financial
market disruptions into account in setting monetary policy. And he said the Fed stands ready to act as needed to ease their impact on the economy.

"He has left the door wide open to reduce the funds rate in September," Ruskin said. But, he added: "He has tried to divorce any future Fed actions from a bail-out of the financial sector."

BTW I do not think that the crisis is over we are just in a cooling period... Whatever... These things do not go away in a week....

Rumor is that he will only bail out about 80K of the 2M homeowners....that will barely have an effect....

It will be 80K voters in the pocket

Yes yes yes, it's 2.0175 now, I love it when I squeeze you

another short??

Think bloomberg TV will webcast Bush....

CNBC is also going to show it.....

Sorry but I hope the GU will drop like hell today...

BUSH:its not goverments job to bail out speculators...

Maybe, as B speaks, all carry trades at daily lows.

Bush saying the same thing as Bernanke.....