Seems that all ass kissing and hand twisting did pay off for some of our politicians. They managed to convince enough members of the congress to vote for this overstated financial “life ring”. In order to gather all the necessary votes, sponsors of the bill had to amend it by including some tax breaks and other ‘incentives”. Final version is probably so convoluted, it will take take weeks for a team of full time analysts to get to the bottom of it.
While I disagree with this “bailout”, I am relieved that it is over and we can get on with the business of trading. Markets hate waiting for important news. Now all the participants can start digesting the implications and trade according to their expectations. In other words- back to normal.
I closed all my positions before the news broke out, except for one, GBP-CHF, what I featured here yesterday.
My order was filled as set and for now I’m in. I will decide over the weekend weather to stay in it, depending on how markets close today and open on Sunday.
I have new data on what kind of returns professional money managers are getting trading forex. I will share it on these pages tomorrow or the day after. You may be surprised….
One more thing- remember this date, October 3rd 2008, because it is the day when free markets died. No, they were killed.
Have a great weekend!
Mike K.
It’s a scary period of time now…let’s still hope for the best!
I just hope they are as smart as they should be, have some workable plan in place and don’t bankrupt the us in a process.