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Citi Techs add to tactical cable position
By Sean Lee || March 17, 2010 at 21:51 GMT
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I went with them last week when they recommended a long trade at 1.4925 and that was a very nice little earner, thank you Citi bank. They are going for the big payday and have added to their position overnight at present levels, with a s/l raised to 1.5180 and a target at 1.5700. I think they may be biting a bit too much off with this trade but good luck to them.
Interesting post Sean ,
I like how cable is holding off its gain , but I have to agree with you that they may expect too much ?! 430 is a solid level that triggered the fall earlier
On the other hand , we have lot of uncertain events like China raising interest rate , VIX at extreme reversal level , none are supportive to cable, or they just wanna bet on the election hype
Any interesting option barrier you see ? Market is (not) moving like everyday lol
Good morning Sean,.
I am trapped in Cable shorts from 1.5220 and would have loved to unload/hedge half of my positions at 1.5275 when it hit overnight while we were asleep. (My point waas 1.5250).
Neverthless, do you see any retrace back towards 1.5220 today/tomorrow considering a) we didn’t close above 1.5350-80 and it has gone up 400 pips without any significant retrace?
thanks
Hi Puks. My initial target was 1.5285 and that has been easily reached. Not sure I’m afraid but I think it’s quite possible we see some sort of retracement, esp after a 400 pip rally as you say