Thursday, 28 April 2011

Bernake Day was Over Hyped

Yesterday was an overhype by the news pundits. Because it was Ben's first effort and all the hype, I didn't trade either through the Fed announcement or the Fed news conference, in case he felt he had to make an impression. I usually just trade through all but the most awaited and uncertain news releases such as a hyped MONTHLY jobs report.

I think that having the conferences is, on balance, a good idea. It will tell people what to expect and make smoother markets and provide good trading days when something significant is said and the market rebalances.

I started the London morning mostly on the short side with both the ES and the Euro. I had an early meeting with a student but Flo was @ work while we were talking and all I had to do was override as appropriate. In the trades below I manually exited the first trade as it was "wrong" from the outset, which is fine as Flo did her job. The next two shorts were Flo on her own as was the last one which Flo scratched, losing a tick on a BreakEven stop. All in all, a nice morning in the Euro.

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