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Goldman's Attempt To Ambush Dollar Aborted, Tactical Shorts Closed As Stop Losses Hit


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Goldman's Attempt To Ambush Dollar Aborted, Tactical Sh... - 12/24/2009 6:42:15 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		A note to traders indicates that while Goldman has not lost the war of intergalactic domination, it too, can lose the occasional battles: Last Friday we were stopped out of two tactical trades, long EUR/$ for a potential loss of 1.8% and long GBP/$ for a potential loss of 1.1%.

Timing was clearly not optimal, and we were too early in fading the recent improvements in US data and the impact of Greek budget tensions. The technical break of important moving averages may have amplified the Dollar rally.

However, we continue to believe that the risks to both crosses remain skewed to the upside. In particular the balance of payment situation remains very Dollar negative. We also remain focused on very stretched speculative short EUR/$ and Cable positions and the related unwinding risks. We would therefore continue to look for opportunities to position tactically for Dollar weakness/snip

http://www.roguegovernment.com/Goldman%27s_Attempt_To_Ambush_Dollar_Aborted%2C_Tactical_Shorts_Closed_As_Stop_Losses_Hit/18650/0/8/8/Y/M.html
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RE: Goldman's Attempt To Ambush Dollar Aborted, Tactica... - 12/24/2009 7:47:54 PM   
Kirata


Posts: 15477
Joined: 2/11/2006
From: USA
Status: offline 		The Euro has been falling against the US Dollar ever since it closed at 1.51535 at 14:00 US Eastern on November 25th. There was a bounce that took it back up to 1.51406 on December 3rd, and then it continued downward to 1.42295 on December 22nd. Nobody in their right mind would have been holding a serious long position on December 18th, least of all Goldman Sachs. They were just sniping with a relatively small position at risk (a "tactical" trade). It hardly merits gloating over them "losing a battle".

K.

(in reply to pahunkboy)
Profile   Post #: 2
RE: Goldman's Attempt To Ambush Dollar Aborted, Tactica... - 12/24/2009 9:42:49 PM   
Kirata


Posts: 15477
Joined: 2/11/2006
From: USA
Status: offline
quote:

ORIGINAL: Kirata

since it closed at 1.51535 at 14:00 US Eastern on November 25th.

Correction: 1.51435

K.





< Message edited by Kirata -- 12/24/2009 9:43:47 PM >

(in reply to Kirata)
Profile   Post #: 3
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