2011-07-27th (Wed)

At the end of the previous trading session I had the following positions;
Long 300,000 USDJPY with ACB of 79.438
Long 300,000 USDCAD with ACB of 0.95915

In today's trading session US markets fell sharply due to a larger than expected decrease in June Durable Goods orders, and S&P also cut Greece's Credit Rating from CCC to CC with a negative outlook.

Article - "Advance Report on Durable Goods Manufacturers’ Shipments, Inventories and Orders June 2011"
http://www.census.gov/manufacturing/m3/adv/pdf/durgd.pdf

Article - "Greece suffers new credit downgrade - Standard and Poor's cuts Greece's credit rating by 2 notches to CC"
http://finance.yahoo.com/news/Greece-suffers-new-credit-apf-1601402412.html;_ylt=AvjL7rb0fTU4h3EpUXLqEsexba9_;_ylu=X3oDMTFlMmhhM3M3BHBvcwM1NQRzZWMDbmV3c0h1YkFydGljbGVMaXN0BHNsawNncmVlY2VzdWZmZXI-?x=0

The daily theatrics of the US Debt Ceiling talks continue, and we can expect markets to continue flip-flopping on each piece of news.

Market technicians are talking about critical market index support levels as markets continue to price in a possible US credit downgrade.

Article - "S&P Stays Mum on Rating for U.S."
http://online.wsj.com/article/SB10001424053111903635604576472533411194022.html?ru=yahoo&mod=yahoo_hs

All this is adding to the negative sentiment, and I wonder if this is setting up for the final straw that breaks the camel's back or a big reversal of fortunes.

Ultimately as trader only the trades matter.

We added to our position a bias that the EUR will weaken against the USD as the more uglier contestant in a beauty contest.

Sell-To-Open 50,000 EURUSD at 1.45223 (2011-07-27, 01:21 am EST)

Currently I have the following positions;
Long 300,000 USDJPY with ACB of 79.438
Long 300,000 USDCAD with ACB of 0.95915
Short 50,000 EURUSD with ACB of 1.45223

USDJPY is currently at 77.758 (2011-07-28, 02:01 am EST)
USDCAD is currently at 0.94845 (2011-07-28, 02:01 am EST)
EURUSD is currently at 1.43716 (2011-07-28, 02:01 am EST)

Our first line of credit was activated on 2011-06-16th (Thurs) and our second line of credit was activated on 2011-06-29th (Wed).

Total equity is 0% of June 1st and we are committed to trade ourselves back to our High Water Mark.

Stay Tuned,

Jeff
(2011-07-28, 02:01 am EST)