At the end of the previous trading session I had the following position;
Long 300000 USDJPY with ACB of 79.968
A Stop-Loss Order was automatically triggered;
Sell-To-Close 300000 USDJPY at 80.008 (2011-06-10, 03:18 am EST) for an insignificant gain.
We now have no open positions and is 100% in Cash.
Article - "Greece gears up for second bailout - Greece gears up for second bailout that could last through 2014"
http://finance.yahoo.com/news/Greece-gears-up-for-second-apf-2551537808.html;_ylt=AgN8Z28uslFs2XsKu5vUnIWxba9_;_ylu=X3oDMTFlNXE2dm44BHBvcwM1MARzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VnZWFyc3U-?x=0
In today's trading session markets sold off on fears of a weakening US economy leading to slowing global growth.
Article - "Dow falls below 12K; stocks drop 6 weeks straight - Dow falls below 12K, Nasdaq erases year's gains; longest weekly losing streak seen since '02"
http://finance.yahoo.com/news/Dow-falls-below-12K-stocks-apf-1563455911.html;_ylt=Ajvcg0dk.otnDS5H3Hr8EPCxba9_;_ylu=X3oDMTFlcWtvYzM0BHBvcwM4MgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNkb3dmYWxsc2JlbG8-?x=0
Copper futures also fell due to fears of slowing Chinese growth and demand for basic metals.
Article - "Copper falls on concerns that demand could wane - Copper prices fall on concerns about demand as China's imports decline"
http://finance.yahoo.com/news/Copper-falls-on-concerns-that-apf-112499337.html;_ylt=ArHsUEGB8EgTpHIZTdwGg4Kxba9_;_ylu=X3oDMTFlNzkyM2doBHBvcwMxMgRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNjb3BwZXJmYWxsc28-?x=0
The Mineral Resource Rent Tax (MRRT) previously known as Resource Super Profit Tax (RSPT) is being hotly debated and will be implimented on July 1st, 2012.
http://en.wikipedia.org/wiki/Mineral_Resource_Rent_Tax
http://www.smh.com.au/business/the-resource-super-profits-tax--what-is-it-20100511-usnu.html
http://www.deewr.gov.au/Department/Documents/Files/10_Fact_sheet_Resource_Profit_Tax_Final.pdf
The policy implimentation will have long-term impact on policy makers around the globe where natural resources are a large part of their national economy.
From studying economic history the general thesis is regulation leads to increased prices even when the regulation is meant to protect or nurture a particular industry sector.
Even in this present sentiment of slowing global economic growth I foresee prices to continue to increase but with wider swings.
Total equity is 97% of June 1st, and unchanged from previous.
Stay Tuned,
Jeff
(2011-06-11, 01:11 am EST)
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