What’s with the Finance Industry CEOs anyway? I mean things are looking up in general right now. It’s not over yet. I think everyone knows that. However, the numbers we have been getting recently are not nearly as bad as they could be. It seems like the US Administration finally have a fairly good idea what they want to do, for better or worse. Just recently, the IT companies mentioned that they thought we were at a bottom. Happy days…right?
So, what’s the problem with the Wallstreet CEOs? Why all the doom and gloom? I’ll tell you that it is. Uncertainty…for them. Since they accepted the Bailout money, they know they are going to have to account for it some day. No more massive payouts. People will get fired. It’s a new era. They don’t like it. The whole economy could suddenly get better right now and they still wouldn’t like it. They feel like they have been made scape goats. I agree. When things went well, the took the credit and a lot of them got really rich. They twisted, bent…downright discarded the rules. People want blood. The Government will give it to them. Plus, it’s good for votes…
In any case, that might be part of the reason the market has been down for the last few days. That, and some good old fashioned profit-taking. No one is really sure where we are right now, so we all have to exercise care. As I write this, the Dollar is gaining against all the majors, aside from the yen in the Forex Markets. The Fear trade is back in. I traded down to the support on the EUR/USD pair at 1.3200, so I’m out right now. I don’t know that the dollar has enough power to break through that right now. A third day of dollar gains seems to be firmly in the works for now.
Unfortunately, I won’t be able to find out…not tonight anyway. Sleep…the number one problem about Forex Trading. Will wait to see how the market reacts to the news hitting us tomorrow.