Friday 31 July 2009

The Great Wall of Worry (updated)

"The prevailing consensus forecast of a very weak recovery is at odds with history. Never has a bull market climbed a steeper wall of worry. Despite a proliferation of positive economic indicators, the consensus remains resolutely gloomy. Bullish economists are still rarer than hens’ teeth. The average forecast for Q3 US GDP growth is an anaemic 0.8% increase, which would be by far the slowest first quarter of any recovery on record."

No trades today either. Instead I liked the above comment from Barclays out earlier. Not much use to my EURUSD trading directly, but worth keeping in mind.

Update: One trade afterall. The urge strikes again. Played a bounce off of strong (perceived) resistance. Should have only shorted 1.4270 but what the hell. Could've have doubled up, but didn't want to end the week with 200k going against me. Held onto it a bit long before it showed me my wanted profit.

All said and done: +100$ (10pips)


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