And in other news one of the oldest democracies in the world just quietly passed away this morning after a democratic referendum was unceremoniously flushed down the toilet by a bunch of British bureaucrats. Which basically renders the European Union a giant roach motel: Yes, you can check in – but no matter what you do, you won’t be checking out. This whole train wreck gave me a great idea on how the Brits can solve their looming energy gap over the coming decade: Just hook up a big dynamo to Winston Churchill’s grave and you’ll be selling excess capacity to the rest of Europe in no time. Then again he is the one attributed to the aphorism that the best [...]
Yesterday’s post highlighting the increasingly volatile situation we are facing on the currency side couldn’t have been more prescient, as earlier this morning the British Pound suddenly found itself on the receiving end of a 6% flash crash during Asian trading hours. Some of the losses have been recouped ever since but that will be of little consolation to anyone who may have been long the GBP overnight.
It’s that dreaded day after Independence Day. The weather is gorgeous and I don’t really feel like trading either. The thought of just phoning it in had occurred to me, but as the new month just rolled over I thought I may as well take another peek at our monthly charts. Which uncovered quite some interesting perspectives that I’m eager to share. But no worries – we’re keeping it light and easy today. Consider this a purist’s approach to market analysis as we’re going to ignore everything but Net-Lines.
As of this morning all remains well on the Western Front. Bearish positions have been completely decimated over the past three sessions in what must have been the most violent bear trap of this year. Any surviving grizzlies are now being pursued and picked up one by one, thwarting any desperate attempts to reach safety. Public lashings and indiscriminate pillaging will continue until moral improves.