It is really difficult to see how this will play out here. Again - moves of this magnitude are very rare and need to be monitored very carefully - the problem with currencies is that the leverage can be so large that big moves such as this one here will cause quite a bit of craziness. We should calm down here by tomorrow morning but I do expect tomorrow to be very interesting once our short day is open. Keep in mind we only have a bit more then 3 hours so ....
Thursday, November 26, 2009
Currency Market Madness
I hope everyone is having a good time and enjoying their turkeys. After such an extreme session I had to give it some more attention here tonight and boy. Never seen currency markets with such huge swings across the board - not just a single pair but many different currencies. We are seeing moves of 1+% within a matter of 15 minutes - keep in mind that we are talking about a LOT of value being moved here and intervention in those markets are much more difficult then pushing the buy button to provide some liquidity into some equities selling.
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I was short at the close es1109. cashedout too early at 1103. any profit is good profit.
ReplyDeletetrying to go long at 1082
I just covered mine here at 1086 (20 points but only 1 contract since it was an overnight move).
ReplyDeleteConsidering taking off some of the EURUSD trade here as well. Its making some big moves and I do not feel like watching it the rest of the night hah.
FYI - I do expect by the end of tomorrow to be positioned quite short =)
ReplyDeletealso covered some eurusd here at the bottom of the range. Still got some left =)
ReplyDeletewell closed the rest of EURUSD too - lol - figured it was a nice enough birthday present for me today yay
ReplyDeleteStill have my puts from wednesday that should finally get me out of those dec 106's a bit better (yes still have those with quite a bad average)
long at 1083.5 target 1093.5. Playing safe again. stop 1082.25
ReplyDeletestopped out. any idea where does it stop?
ReplyDelete