AUTOREFRESH 
Strike while the iron is hot
From our loyal friend Lilac:
It’s only my take on stuff, but I mentioned earlier today that the looming BA strike could provide a potential brake for a cable slide.
In effect, the strike could also act as a buffer with regard to the current state of play in the UK.
Perverse thinking, I know, but here’s the latest resume
coupled with the fact that a further full out strike in May is currently still on the agenda.
“Gordon Brown came under pressure to condemn the industrial action. At a press conference he called on all parties to work together and added: “The disruption to services is completely unacceptable… this is bad news for the British economy.”
Well actually, this is seriously bad news for Brown – and the Labour polls.
Let me take you back to the Rover rout.
http://www.nytimes.com/2005/04/11/business/worldbusiness/11rover.html
The sums involved and the jobs subsequently lost pale into insignificance by today’s standards, but the bail-out was engineered one month before the last UK general election in 2005. And then followed a pointless 4-year £16m enquiry.
Having succeeded Blair in June 2007, and after much media speculation in early October that an election would be called for the first week of November, Brown called the whole thing off, following an opinion poll of marginal constituencies targeted by the Conservatives, which indicated that an election could result in the loss of the overall Labour majority.
http://news.bbc.co.uk/1/hi/7031749.stm
Well! That little exercise cost the UK more than a couple of £m in pre-electioneering – it cost millions the Northern Rock ruck, which Jeff Randall inimitably summed up:
http://www.telegraph.co.uk/comment/3644045/Gordon-Brown-will-be-defined-by-Northern-Rock.html
“As a result of Brown’s meddling, what began as a corporate problem has degenerated into a national scandal, the end of which is nowhere in sight”.
A portentous precis of his whole tenure.
In short – the unions are circling their impotent prey.
Meanwhile, keep a beady eye on the punters
http://www.electionpredict.com/news/tories-still-on-course-for-majority-despite-latest-poll.html
Cor
Here’s a little extra insight into the incestous partnership
http://www.telegraph.co.uk/news/newstopics/politics/7429265/Union-behind-British-Airways-strike-receives-380000-from-taxpayers.html
“The Union Modernisation Fund is administered by Lord Mandelson’s Department of Business, Innovation and Skills. In total, it has given out more than £7million since it was set up in 2006.”
(Mandelson’s department also paid out £1,162,044 on entertainment between December 2008 and the end of November 2009.)
“The union’s deputy general secretary, Jack Dromey, is married to Labour’s deputy leader, Harriet Harman. He has been selected to fight for the party in Birmingham Erdington when normal Labour rules for an all-women shortlist were overlooked.”
Funny that, Harman being a disruptive dingbat in-house feminist ‘n all.
This is why, beginning after the end of this (fiscally-Japanese) month, there is an extremely high probability that shorting the GBP/JPY (from about 139.21, which represents a 38.2% retracement of 150.68 to 132.13) could become April’s trade of the month (as this pair’s weekly chart shows a train wreck at 2008′s low of 118.81 dead ahead).
Solange,
A bearish gartley also completes at the 139.21 level, AB=CD I will watching this one very closely.
Hi All, maybe of some interest
Sentiment Is Not So Bullish
the 5-Day Equity Put/Call Ratio. In fact it was one of the indicators that helped lead to call for a correction back on January 12th It’s Time For A Pullback In Stocks”. A few days later the SP500 started its 9% pullback.
So what is it saying right now? on the 5-Day Equity Put/Call ratio is at its lowest (most bearish) level in over four years with a reading of .50. This of course coincides with a near new high in the SP500. SP500 and 5-day Equity Put/Call Ratio
While we aren’t calling for a new correction, we do think that we are likely in for a pullback of sorts before moving higher.
or maybe i am just hoping too much!