- Sharp sell off in cable this evening. Not sure why. No matter. Guess it's the elections/hung parliament thing.
- Taken some risk off the table. Only a trading view. Will still want to re-establish max short again on a bounce. Objective still far away.
- As per EUR/USD from mid Jan10 to mid Feb10, this looks like a 3rd wave ie must hang on to short cable no matter what.
- Huge move EUR/GBP. Too bad for my half way solution to switch. Should have done it all the way but I just could not bring myself to go long EUR/USD.
- [Addendum 8:30 pm : Cable position now reduced to only 1/4 of this morning. Trades done at 1.4988, 1.4966, 1.4948 and 1.4848].
- [Addendum 11:15 pm : Re-sold half at 1.4938. 3/4 loaded now. Stay].
3 comments:
This looks to be the reasons, exchanging pound for dollars for aquisition.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aCgmo9K7CIQY&pos=1
Ah .. yes. Thanks.
This is from MF Global
CABLE: Traders circulating talk that UK clearer that was a large sterling seller yesterday has mostly refrained from any apparent M&A related cash selling today but has been active in the options market, continuing activity that began last Friday. Name has been a buyer of cable $1.48 and $1.47 puts in one and three month tenors, traders say, speculating that the account continues to work protection for the large insurance related M&A deal announced at the start of the week.
Think it's the Prudential buying of AIG's Asian assets.
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