Hard to believe how fantastically terrible all the news have become. The sample from today reaches new level of sadness. Another 650,000 people lost jobs and unemployment rate jumped to 8.1%. Death watch for some of the America’s largest and most storied companies continues, with GM stock falling to lowest level in 75 years. Frankly, though, I can’t get AIG out of my mind. Not loosing sleep over it, mind you, but still…
When was it, a year or so ago, a trader for one of French banks lost, what, about $7 billion? That seemed like a big deal. Laughable matter comparing to what goes on now. Car companies losses, Madoff affair and now this – $60 billions lost in one quarter. This surely is the icing on the cake. Even if they were burning money in a fireplace, they couldn’t possibly go through it that fast. Takes some talent to accomplish what they did. With this in mind I think that AIG executives should be shown the sign somebody posted on Wall Street for leaders of the defunct investment banks.

I doubt they’d get the message. Too busy blowing the XXX billions in this quarter.  For those of you who find all this too upsetting I have some good news. The Denarii Trader reports that Sony introduced new fantastic gadget, which is guaranteed to put a smile on your face. I recommend watching product review.
Just as it has been the norm recently, currencies moved in choppy, sporadic way. Out of the trades outlined yesterday, GBP-CHF buy and EUR-CAD sell didn’t happen. Kiwi/Yen, which I entered at 49.00 was the only trade in play that was discussed on these pages.

Price whipped both ways, but failed to reach my objective. Once it started to turn down again, I threw in the towel and took 46 pips. Still see more buying here, but enough for this week.
Even though this post may have some pessimistic undertones, I am in a very good mood. Why? Because in spite of missing moves and not interpreting market behavior properly, my week was pretty good. This blog covers only part of my total trading, but is a good proxy for it. I just realized, none of the trades featured here last few days was a looser. Well, most of them didn’t happen at all and I think only one met the objective, but remaining ones had small gains. Hope everybody’s week was positive as well.

Mike K.