Oil

Great drop in US Crude oil prices earlier...some more of that and can have a v good wkend

Goldman Sachs

http://www.zerohedge.com/article/former-goldman-managing-director-how-you-finance-goldman-sachs’-profits#comment-20420

Trading Ideas

Been a while since I have posted, been in the trenches trading my way to a bigger and brighter future. Well today is the big day, we could see major price action driven by the advance US GDP figs. The million dollar question is risk driving price action in this market ( I personally think it is) or will traders play the econ textbook plays of GDP being +ve or -ve for the greenback...I personally have decided to play a strangle on EURUSD with a risk/reward ratio mainly to the upside. On a side not some major whipsaws in the crude oil market, traders not sure which way to play this hence the gyrations.

Trading Ideas

Made a tidy profit on the Italian binary options market, am looking to extend the good run with crude oil futures. Look to get in around $66.2 and for a 80-100 pips move.

Trading Ideas

Todays tips -

EUR/USD short @ 1.423

NYMEX Sept crude fut Long @ 65.57

NYMEX Sept crude fut short @ $64

Lovebox 2009

So I ventured into Victoria Park in E London yday with friends to attend Lovebox 2009. Now I'm not a camper or festival goer, apart from the single festival I attended way back in the mist of time. Here are some observations I made:

1. Ray ban wayfarers are extremly popular now...maybe too popular. Once a fad/fashion reaches critical mass it's only time before it's out of fashion

2. The Sienna Miller look is still v popular with girls, blonde extensions and fake tan if not done properly look quite hideous

3. Duran Duran seem to have made a triumphal return albeit with a 2009 twist

4. There seems to be a unspoken social hierachy within festival goers, seemingly being able to recognise one of their tribe.

Great peaks of the world

I know a cheap way to drum up interest in my humble blog...

http://coedmagazine.com/2009/07/14/buxom-ballgirls-of-the-madrid-masters/

Cutthroat Island

Been following a excellent HF blog, and it seems my writing hasn't impressed the notoriously mean posters on there. Seems like the blogosphere is just as green and cutthroat as the 2nd floor trading arena at peterborough court.

Recovery & Recuperation

As predicted CIT fell further on US market open and all those short or listening to sound advice from this humble blog would have hit some good numbers. Once my CIT short was closed I have now opened a small long position at 1.23 and honestly believe the 4th largest bankruptcy in US corp history will not happen. I think Prez O and his govt have too much at stake and either a buyer will be found therby making the long trade in CIT profitable, or their debt will be succesfully re-structured. Either way at these levels I say CIT is a win-win trade, the downside is not massive (depending on your risk profile) and as long as they don't follow the path of Lehmans I can see CIT rising out of the ashes.FT Alphaville have a great post on the re-structuring of debt for CIT this topic this morning.

Broken Arrow

Spoke to my CIT contact, no funding on the horizon there so am keeping my short in play until we reach rockbottom levels. I see Meredith Whitney has issued a buy rating on GS...Now I quite like this stock, and it has nothing to do with the fact I enjoyed some productive years there. GS are seeing increasingly reduced competition in markets where many of their bitter rivals have either ceased to exist or just cannot compete with the balance sheet resources available to GS. Their equity finance buisness was always a real winner and what I'm hearing could be generating big profits again.

Trading Ideas

So for those of you smart enough to follow my advice...CIT US down ~20% on friday and a tasty profit locked in. Stay tuned for more of these tips chums!!

Trading Ideas

Got a tip from a certain well placed individual...CIT US not looking good. Looking to short it to hell....

The Game

Slow moving, nothing happening ( not a description of me ) but of the markets i'm watching. Gonna close up and head off to the west end to try and chat up tourist girls...lets hope my game is upto scratch tonight.

Thursday 9th July 2009

Was out last night with the swedish girl, went to a small Italian place in Audley St. The Calamari starter was nice, but not so the salsa sauce which accompanied it and tasted like tomato paste. All in all an interesting night.

But back to the markets and what a crazy day we had yesterday!! Anyone long the Yen really made out like a king. Unfortunately I closed my CAD/JPY and USD/JPY crosses way too early and missed out on the FX markets reaction to the breaking of the key 877 level on the SPX. Japanese exporters must be spitting blood at the prospect of their currency strengthening across the board....Correlation between the eq markets and oil v Yen still v strong. Naturally i'm a contrarian trader and like going against the grain but this correlation is way too strong and only a fool or someone with more money than me ( not hard to find) would short the Yen.

So until tomorrow I wish you all happy trading.

Wednesday 8th July 2009

Damn...My body is creaking from an all action workout down the boxing gym yesterday resulting in my ribs getting pounded by some muscular antipodean.

But back to the slow moving train wreck that is the global financial markets. I had a DAX strangle setup this morning ready to pick up any latent vol. But low and behold my strangle was too wide/overpriced by my ripoff merchant provider and now I have to nurse a loss. So is the sad lot of the scalping day trader, having to pick up the crumbs from the top table and having to be grateful for it.

Anyway looking to catch some action on the binary markets at EU close and maybe some action on NYMEX. After that meeting this swedish girl that I lamely chatted up couple of weeks ago at this dive bar in London. So who knows I might have sucked on the markets today but could still end up a winner. Join me tomorrow dear readers to find out if swedish women really are all there cracked up to be...until then happy trading from your friendly day trader!!