President Obama expressed concern about unemployment. He said “what we are still seeing is too many jobs lost”. He should be concerned. His election pledge was to create 3 Million new jobs. That’s why the $780 Billion stimulus package was needed. So far it doesn’t look like money well spent- not only no new jobs were created, but the economy keeps shedding existing ones.
For the month of June employers cut a larger-than-expected 467,000 jobs and the unemployment rate climbed to a 26-year high of 9.5%.On top of that, weekly wages fell as well, which is never a good sign. The same economists who have been telling as for months about signs of recovery and turning around, now predict unemployment to reach 10% this year. It is estimated that 14.7 million people were unemployed in June.
That much for pre-election promises, as usual they seem to be baseless and bombastic. But more seriously, how much longer can the unemployment keep rising. I know, the 10% mark, but pays any serious attention to economists? Just about the only thing they produce is “filler” for newspapers. If they could predict anything with some degree of accuracy, they wouldn’t be releasing figures. They would be trading, not writing research papers.
I closed most of trades today, including the ones featured in this blog like long GBP-NZD from last post. This trade reached its target, for a fast and decent gain.
When this trade arrived to its destination, I closed others also. The EUR-CAD short is off the books.
Price had spikes both ways, really going nowhere, so I took few pips and be done with it. And that is it. No new trades for tomorrow on these time frames, I’m winding down my activities. Couple of trades on longer term charts are still live or pending. I will go over them in next post and depart for a few weeks.
Mike K.
That’s the way to finish, with a nice trade.This was quick 250 pips. Do you subscribe to this notion that trading is skewed during summer because of vacations?
Michelle, I was about to ask the same question about the summer break!
In principle, I agree that conditions change during summer, but it is very difficult to explain or prove. If measured by the most commonly used trading techniques, moves don’t quite make it to projected levels, markets are turning at different hours, volume drops etc.
The easiest to notice it is while trading mechanical systems. But even then one would need few years of results to see how they change during summer.
Does it mean one shouldn’t be trading during summer months? Scale down? Fewer trades?
There is no clear cut answer, but first, take some time off your self. This will take care of about half this period. I would suggest to trade as you normally would untill you notice that things are changing, then scale down.
So, see you in Greece in about about a week! Right?
Possibly on Cyprus couple days later. Have some other obligations, too.
You know, you really don’t have stop in every village between Copenhagen and Athens, just to see old girlfriends. Hurry up and we’ll find you new ones. Call me after arrival.
Will do.