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UK Weekend Reading - 27-Sept-2009
Gents and ladies, the following articles are worth reading for coming
week. The article by Evans-Pritchard is an absolute must. So, I have
been touting Sterling shorts for quite a while, almost over month and a
half now. The theory turns out right, King supports a weak Sterling since he is having a difficult time convincing other members to authorise more money printing madness. The Government doesn't even have the ability to delay the VAT cut,
forget purchasing assets. The manure has hit the fan yet no one wants
to admit it except for certain authorities on the subject who are
mostly marginalised as doom sayers.
Property firms such as Barratt and Redrow making last punt for cheddar
before the markets start tanking, when the cumulative participant
realises the incompetency of our political "leaders"(?), central
bankers and everyone else that's in that net in saving us from this
depression-level event.
- Must read: Evans-Pritchard - Money figures show there's trouble ahead (Telegraph)
- Must read: Separating Fact from Fiction: Household Balance Sheets and the Economic Outlook (Bank of England)
- Labour pledges cash for industry (Telegraph)
- Influential report calls for Northern Rock to be remutualised (Guardian)
- IMF will run the country, says Michael O'Leary of Ryanair (The Independent IE)
- Clawback of bankers' nest eggs ruled out (The Independent IE)
- Sterling's slump adds to our woe (The Independent IE)
- Must read: Government saved horsemanure, not jobs - Lloyds and RBS 'ordered to sell branches' (Telegraph)
- Must read: Evans-Pritchard - Spain tips into depression - slightly old but worth read (Telegraph)
- UK rights issue fever - Barratt and Redrow cash calls (FT Alphaville)
I will update this article if I come across any other interesting
reading material for your weekend ponder. Watch out for £6 billion
Sterling of Gilt issuances (two issues) this coming week - 29-Sept and
1-Oct respectively. Unless it has missed your radar, here is a full
timetable of the US Dollar Repo operations which Bank of England plans to perform over the coming months.
I will resume the UK and Europe Daily Briefings in the near future. Stay tuned.
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US will join ya in the disaster. Thanks for the constant pushing of the "kings" money system on us.
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Raymond thank you for your work. Noticed how crude was selling off last Wed. before the FOMC announcement, as you know key support for DXY is around 75 and change was and the bounce to the penny at SPY 1080 was impressive. I dont trade FX on a daily however noting that Gold didnt hold the 1004 level last week is another "red flag" that unless we get "QE2" (i.e. no pun intended-God save the Queen) the dollar is going higher on H1N1, Iran, etc..., flight to safety.
>Friday's heavy Nikkei sell-off, to see if the action continues.<
The first half of the first half is over - Nicky's down 2.3% early.
If it's a doozy tonight + London, then all hell could break open.
Spreads are also occasionally widening on some ECN platforms, up to 7 or 8 pips at times.
Anything in particular to cause the 100bps selloff in Cable at the top of the hour?
Gilgamesh, I am expecting sell-offs in Sterling crosses all the way up to the "special" meeting of economists called by the Bank of England. The big boys are likely worried about the official partyline. Very likely it will be the introduction of stupid changes in the central bank reserves rate and other things.
GBP/JPY has expanded its trading range all the way to 300 pips in the last five days, so one needs to be careful of trying to fade any extremities as per recent ATR (3-month +) action. The Asian session will set the stage especially after Friday's heavy Nikkei sell-off, to see if the action continues. If after the first opening hour of the FTSE GBP/JPY still remains heavily weak then the sell-off will continue all the way into the NY afternoon which could possibly make Monday a 250pip ~ 300 pip down day.
Observe prices and action around the high 139 ~ 138 mark and 1.58 key support level. Cable and GBP/JPY have literally blown through other mini-support levels without breathing. Economic calendar is going to shed some light here.
Lets see, we'll know soon enough.
Thank you; will watch carefully.
Anonymous, which particular recovery are you asking about? The one they talked about at end of 2007? Or the one they said in mid-2008? Pick one. :-)
The one that was coming next quarter for a while and then it was next half and soon to be next year.
How about both, Mr. Shaw.
"MARK IT ZERO,DUDE"
PIGS (Portugal, Italy, Greece and Spain)
Love it!
Thank you very much for this list of reading materials.
I have been curious to locate an expanded viewpoint of the contagion and it's clear to me now that if PIGS lived in BRICS then there would be no reason to huff and puff about housing.
I wonder what the acronym for the big bad WOLF will turn out to be?
Whatever it is, it now seems clear that the order of destruction will be reversed from that of the fairy tale as those in straw houses are likely to experience little of the pain of withdrawal that the loss of excessive materialism will wrought.
What about the much touted recovery?
IMF will run the country, says Michael O'Leary of Ryanair
Repeating his call for a Yes vote in this Friday's Lisbon referendum, the Ryanair chief appealed to Government politicians to "shut up and stay out of it" -- claiming they have "absolutely zero credibility" with the public at present.
Just look here - the same. Obama, Congress, Ben or Tax Cheat Tim are all bullshit artists. What a joke.
headline from Bloomberg (this is a bizarre article)
Fed’s Strategy Reduces U.S. Bailout to $11.6 Trillion
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahys015DzWXc