Following the footsteps of Madoff, another scam is emerging. This one involves a hedge fund manager from Florida. Reports suggest that one Arthur G. Nadel, who operated out of Scoop Management Inc, has disappeared and fund’s accounts are empty. Amount apparently missing  is in the neighborhood of $350 million.  Already scores of people came forward, each claiming hundreds of thousands of dollars intrusted to Mr Nadel.  Alleged perpetrator is missing, his car found at the airport. Probably on the lam.  I wouldn’t be surprised if that turned out to be another Ponzi scheme, not a theft, and the guy simply couldn’t stand to face the music. Just wonder how many other stories like this one will surface.
So far British bailout plan doesn’t seem too good for Pound. GBP dropped all day and it doesn’t look pretty. Although, with US markets closed, it possibly avoided even bigger loss, since not all that much happened during US business hours.
Question was raised about gaps at the open. Yes, there were a few gaps, but only couple of them were tradeable from my point of view. One of them was in AUD-JPY.

Gaps were not very large, so I was looking for minor gains here. I don’t try fill the gap completely, rather just most of it. Small gain was realized on the initial trade, but the reverse was weak. Objective was 62. 00 just under the high. It didn’t happen, price broke and I closed with minor loss. First part of the strategy  worked, second didn’t. There was one benefit, however. Involvement here kept me away from opening a longer term trade which was intended, originally, at 61.70. I decided to close the gap first and get into that position if price moved above the high point. Have to wait longer.
I’m adding a buy order in CAD-CHF.

Breakout here is very possible. Plan is to buy at 90.85, with a 100 pips objective. Incidentally, I’m in the trade featured yesterday, AUD-CHF. Now just have to wait for it to blossom.

Mike K.