AUTOREFRESH 
Big unwind ahead of long weekend
By Sean Lee || July 2, 2009 at 21:12 GMT
|| 8 comments || Add comment
Good morning all. My EUR/JPY position is not looking too crash hot this morning after the big unwind from an obviously long market. I know from an extremely good source that Sovereign names were buying EUR/USD in lots of 250mln around and below 1.4000, so the selling must have been substantial. I suspect that the clean out is now over and that we see a quiet consolidative session here in Asia before an equally quiet shortened European session.
Good luck today.
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I would doubt your “consolidative” view. US stocks closed on their lows and fear will run through the Friday markets. I would expect AUD, GBP, CAD and even EUR to suffer and USD and JPY to shine.
Hi Sean
looks like it selling off again, whats up with the Aud / Usd ? I have a long & about ready to jump ship
Yeah, looks like I got that very wrong. Fear is back and we might see some more serious stop-loss selling.
I don’t like the AUD/USD above .80 Burt as I feel it’s overbought and needs to retrace back into the mid 70’s before it can go higher. I’d personally look to square up and reassess on any rallies back to .80.
Well, I did ask yesterday what anyone thought about a possible H&S on the deejay. I’d already drawn the lines straight away after yesterday’s high – similarly with the s ‘n p.
Just come to shut down and noticed that the Dow’s bounced a tidge off the ‘neckline’ at 8256 – and err, so did the SPX .
If they do both break, then I guess we’re looking at what, about 824 and 7700ish?
Like I said, I’m rubbish with this outlandish stuff.
But keep an eye on it for us please, nightwatchman
Cheers Lilac, will have a look right now and keep a close eye on it. Sweet dreams.
I can’t stay on this bearish course for long. That employment news was much better than taken. I’m looking to take profits soon, as I think the semi pop in US equities will happen until the 13th of this month when earnings start to come in and could continue on a bullish path if they’re ok.. This same ole’ pattern has been going for months, so why would it change all of a sudden? Drops and pops/pops and drops have been the theme and I don’t think it will change until something much more scary comes in fundamentally, which i’m nearly 100% sure it will. What it is? Who knows, but this isn’t it. Whether it’s this quarter’s earnings, the next quarter’s earnings, poor retail sales, etc., there’s no way in hell this is it.
A break today would’ve been a bit previous, Michael
Thanks, Sean, and g’night all.
PS and I normally hate Mondays.
No breaks for me. I’m crazy like that!