Hi everyone,
In all honesty, I don't think I quite appreciated the fragile sub-prime market in the US and it's vulnerability to high interest rates until this weekend.
There is no chance the Fed can raise rates and I continue in this view held for some time now. They can only talk tough on inflation. This view once sinks in and becomes the accepted defacto standard in the globe, dollar will continue to fall rapidly imo.
In the UK we are likely to see another rise in rates. Whilst not for sure, the likelihood is we need perhaps another rise. Hence, cable should continue in it's rise.
Also, the charts tell a similar story. There is a good chance we'll break out of the $2 level. There may be some movement down but the double support at 1.97 held well and I hold the view it will be very difficult for cable to now move below 1.98 level (My centre of gravity).
Still bullish on cable long term with a small pull back perhaps to $2 this week.
Good trading everyone...
PS. On a small note, I notice on the Poll everyweek, there is the option Not Concerned. Not Bovered. What Ever. etc etc etc...
Forgive me everyone, but if you are not bovered, why do you bother to participate in ticking the box? :cheesy:
I'm not too bothered either but isn't the point of the poll to provide and opinion in the direction of cable. Surely we have all placed long or short bets and we know the score.
We imo need the pollsters to commit as to what your view is for the week. That is what makes the poll interesting. Not if we are bothered about the $ or not.
Finally, if we are to have
NOT CONCERNED
then we should also have
MILDLY CONCERNED
VERY CONCERNED
I'M ON THE ROOF TOP
and tomorrow I'll be voicing my concerns
AT HYDE PARK CORNER (with a microphone) :cheesy: