Seriously, this guy needs a
muzzle. Obama's public support for his embattled SecTreas seems misplaced after Geithner publicly expressed his openness for the Chinese and Russian proposal to strip the USD of "reserve currency status". The dollar got mauled across every single currency pair before Tim was able to issue a correction that promptly caused a reversal.
A lot of day traders just got completely demolished, getting stopped out on the long side before getting whipsawed by Tim's clarification. Even the hint of the dollar losing reserve status would be disastrous, especially in light of the newly announced PPIP and other programs.
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8 comments:
the US needs to spark a trade war with china. its the only way out of this mess.
speaking of genius comments:
WASHINGTON (Dow Jones)--A Treasury official confirmed Wednesday that the
department's proposal to allow the government to seize troubled nonbanking
firms would include hedge funds if they pose a significant risk to the
marketplace.
Way to scare talf players away before the game even starts.
It makes me happy when day traders cry.
Interesting article on Geithner
http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html?page=-1
There seems to be a race to prime time between Geithner, Bernanke, Obama, and Tyler Durden.
But don't ever talk about the fight club.... OK, what about the 20 links below each article encouraging readers to Digg, and Google, and Twitter, blah balh blah, etc...
I run a private FUT fund that brought in +37.8pts per ES car on 3 trades today. Day traders made an absolute killing if they had a drop of talent. Today's PA was some of the smoothest trend tempo of the month. You have excellent credit and structured finance analysis, perhaps stick to what you know?
Keep up the insightful posts. Have directed a few colleagues here.
ES- Fair point. Sloppy comment on my part, was thinking of the hordes of Japanese house wives with 25 pip stops.
Geithner needs a hug.
And then a hard slap across the face.
And then a muzzle.
Priorities, priorities...
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