I’ve taken profits “again” here this morning on anything and everything related to the U.S dollar as well “risk” in general. It’s been a touch frustrating spending this last week “toiling away” under the daily barrage of headlines coming out of Washington, and as the days wind down to the “ultimate stand-off” on raising the debt ceiling limit – the likelihood of resolution increases.
These buffoons can’t possibly be so stupid as to actually risk default, and yet another damaging ( if not killer ) blow to American credibility on the world stage. I’m not sure I’ve ever seen anything more embarrassing for a country’s government, as daily news “across the entire planet” has this “top of the list” of blunders – LET ALONE THAT IT’S 100% COMPLETELY SELF IMPOSED!
It won’t be war, and it won’t be terrorism oh no…no natural disaster or alien invasion will do it nope. The American government can just step right up and get the job done itself. Absolutely unreal.
Trade wise….there is no doubt the media / Wall Street will “rejoice” a resolution, and rejoice in the knowledge that the ponzi scheme is safe and sound for another couple of months.
Commodity related currencies have traded flat as pancakes, GBP has pulled back, and for the most part its been a complete “ghost town” out there leading up to this trainwreck completing.
I’m up 3% and back on the sidelines – waiting a day or two to see how things shake out, looking to take a shot at the “pop” on resolution. Then “back with the bears” into the new year.