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Record EUR Shorts Decline Just Barely, As GBP Spec Shorts Hit All Time Record
The CFTC's just released Commitment of Traders report indicates that Non-Commercial, speculative net positions in the Euro declined just marginally from -113,890 to -107,143 for the week ended May 18, Tuesday. With central banks throwing everything at shorts, up to and including the tungsten-plated kitchen sink, the response is surprisingly muted. However, with the major wave of SNB/ECB initiated forced short covering beginning on Thursday, and driving the EURUSD up by 300 pips from 1.21 in one day, we expect the short number to decline substantially. If it does not, "speculators" can tap themselves on the back for pulling off a feat bigger than even George Soros ever achieved- taking on all central banks and not wavering. If that is indeed the case, we salute them. On the other hand, Soros replicants are certainly on fire in the GBP: the cable saw a new record number of shorts in the past week, which increased by -4,557 to -76,745.
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While the FED&Friends incant Keynesian voodoo magic to prop the euro, they are neglecting attention on the next domino to fall, the GBP.
Buckle up, Brits!
Yup... looks like Soros is baaaack for round two!
Sterling has already had its turn in this round of devaluations. The US is in last place in the devaluation race. Dangerous to be shorting gbp here (if not only for the reason that everyone thinks it the obvious trade... just like everyone thought shorting bunds and treasuries was the obvisou trade a couple weeks ago).
This is only going to make the cental banks job easier when it comes time to clean off the bugs on the wind screen. From the looks of things, too many folks on one side of the boat. I don't think they were printing with a T when Soros had his way.
No but they had to have real money then also.They dont now..
Damn, I hate to hear the shorts are in decline, that sucks. I was hoping I was the only one stupid enough to be long Euro. Guess I need to back up the truck and load up on Sterling Sunday night, what an idiot.
It was always the Pound. The Piigs were a distraction from the Pound.
Keep in mind that the COT if I am not mistaken is as of Tuesday, yet the Euro amazingly enough is UP on the week, with most of the gain since then, so I would certainly expect many more non-commercial shorts to have been covered and the net to be less negative now.
Katla update:http://modernsurvivalblog.com/natural-disasters/katla-volcano-update-21-may-2010/
I thought I heard a rumbling a while back. I just thought it was that bean burrito I had for lunch.
Just as a paranoid note:
BP has a 200 billion turnover in the US. It has 22000 oil platforms, mostly on US government ground.
BP = Britisch Petroleum
Britisch.... a money flow (200 bil.) from the US to the UK.
How come BP only has a 10% profit margin? with oil so high and all?
The US is cutting the loyal UK dogs money line through BP and the pound goes down.
Conspiracy theory 1.0 :)
BP is a private company in name only. It's been a creature of the Anglo-American Empire since its inception.
Agreed that a 10% profit margin is utterly pathetic for an oil company at any price point.
"It has 22000 oil platforms,"
That's their number of service stations.
the only reason shorts decreased is there was a short position that bought his options back 1 to 1 with futures 3500 times....nobody is getting out, they are adding
So true, just rolled my FXB 152/148 put spread down to 144/140 taking the 100% profits off the table. What I thought might take six weeks to be totally ITM took only two. No real reason for the Brits to support a strong pound as they need to increase their exports and tourism to grow their GDP. Same with Germany. This strong currency talk is a total joke and traders know it. Its a race to parity with the $. Currency debasement here we come! This is what the Greeks and Irish need to do too by withdrawing from the EU reestablishing an independent week currency like in the good old days when Ireland and Greece were some of the least expensive vacation destinations for Japanese, Germans and Americans. Iceland should be dirt cheap to visit and the ice and women are spectacular!
anyone know where to find this data?
http://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm
these reports are unreadable. I'm looking for data going back 4-5 years.
This site has 15 years of COT history - http://www.timingcharts.com/
If the non commercials are increasing their shorts in GBP then the commercials are increasing their longs? The Banksters usually win so would not be surprised if there is a short term pop in GBP but ultimately down the tubes with the rest of the fiat toilet paper.
EURO buying support continues so far...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
The March 2009 lows won't hold.
Updated DOW daily and weekly charts:
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Can somebody explain this to me ? Does this mean short covering of lousy 6000 open positions brought us from 1,2143 above 1,2671 ? Jesus, that's frightening. I have to cover my EUR shorts. I don't want to imagine where a short covering of 12.000 contracts will lead us. To 1,3500 or what ?
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