- After last night's trauma, am now left only with long Gold position.
- XAU/EUR would have been much more profitable than XAU/USD but I had assumed that XAU/EUR was a doubling of exposure to EU debt crisis/contagion and thus squared up all the EUR part. Of course, am ruing the lost profit potential but ahead of time, who would have predicted this? [Same as when GS/Paulson bet against housing].
- 1226 looks almost a certainty to be tested soon. Buy dips.
- Staying "close to home". This is a market where price action is driven by unpredictable news (not technicals or fundamentals), ie where news can completely throw technicals out of the window. My feeling is that the spike extremes last night will be re-visited at some point.
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