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Like a turtle to his balcony...


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  #401 (permalink)
 
GaryD's Avatar
 GaryD 
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Price broke above the upper bracket area, crunching into Neutral Day with the high at the 50%


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  #402 (permalink)
 
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 GaryD 
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I am a little nervous about it, but am going to trade off a new chart layout tomorrow. Going to test drive the new car and see how I like it compared to my current one. :car:


If the worst that can happen is I lose some money, that is no longer scary to me.

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  #403 (permalink)
 
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 GaryD 
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Potential day changer on the radar. Large gap down in Euro.


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  #404 (permalink)
 
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 GaryD 
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I am considering trading the Euro... it has been so long since I watched that market move, tonigt is the first chart I pulled up in probably 6 months. Need to think about why, or do I just stay on CL... I have a feling the correlation is not going to be as strong, and do not even know why right now...

I will do a Euro workup and see how I feel.


BLOOMBERG -

Europe Braces for Fresh Turmoil With Cyprus Deposit Levy
By Patrick Donahue - Mar 17, 2013


Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation’s bailout. The euro tumbled.
............................ (DELETED)

Scenes of Cypriots lining up at cash machines raised the specter of capital flight elsewhere and threatened to disrupt a market calm since the ECB’s pledge in September to backstop troubled nations’ debt. With no government in Italy, Spain in the throes of a political scandal and Greece struggling to meet the terms of its own bailout, more turmoil could hamper efforts to end the crisis.
.......................... (DELETED)

In a bid to ease a run on banks, depositors who keep their account for two years will receive securities linked to future revenue from the country’s gas reserves, the president said. He said he would also seek to soften the impact on savers. The bank tax was the alternative to imposing losses on investors in a so-called bail-in, a step opposed by the Cypriot government, the European Commission and the ECB, German Finance Minister Wolfgang Schaeuble said on ARD television last night. “It’s up to them to explain it to the Cypriot people,” Schaeuble said. “Clearly, the taxpayer should not be asked” to rescue banks from insolvency, he said, adding that Cyprus faced a “very difficult time” unless it accepts the tax.

The levy -- as of now 6.75 percent of all deposits up to 100,000 euros and 9.9 percent above that -- whittles the euro- area’s bailout of Cyprus to 10 billion euros, down from an original figure of about 17 billion euros, near the size of the nation’s 18 billion-euro economy. Cyprus is considering changing the structure of the taxes to charge big depositors more and small account-holders less, a a European official said. The European Commission, the IMF and the ECB would support that as long as the amount raised stayed the same, the official said.

Euro finance ministers reached agreement early on March 16 after 10 hours of talks. Cypriots awoke to find bank transfers already frozen as the government prepared to impose the tax before banks reopen tomorrow. Today’s bank holiday in Cyprus may be extended by at least one day, state-run broadcaster CYBC reported, without saying where it got the information."





It is higly unlikely this will go over well there, and highly probable to cause paranoia in other areas.

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  #405 (permalink)
 
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 GaryD 
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Posts: 6,462 since May 2011

It may not be the event itself as much as the precedent

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  #406 (permalink)
 
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 PandaWarrior 
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GaryD View Post
I am considering trading the Euro... it has been so long since I watched that market move, tonigt is the first chart I pulled up in probably 6 months. Need to think about why, or do I just stay on CL... I have a feling the correlation is not going to be as strong, and do not even know why right now...

I will do a Euro workup and see how I feel.


BLOOMBERG -

Europe Braces for Fresh Turmoil With Cyprus Deposit Levy
By Patrick Donahue - Mar 17, 2013


Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation’s bailout. The euro tumbled.
............................ (DELETED)

Scenes of Cypriots lining up at cash machines raised the specter of capital flight elsewhere and threatened to disrupt a market calm since the ECB’s pledge in September to backstop troubled nations’ debt. With no government in Italy, Spain in the throes of a political scandal and Greece struggling to meet the terms of its own bailout, more turmoil could hamper efforts to end the crisis.
.......................... (DELETED)

In a bid to ease a run on banks, depositors who keep their account for two years will receive securities linked to future revenue from the country’s gas reserves, the president said. He said he would also seek to soften the impact on savers. The bank tax was the alternative to imposing losses on investors in a so-called bail-in, a step opposed by the Cypriot government, the European Commission and the ECB, German Finance Minister Wolfgang Schaeuble said on ARD television last night. “It’s up to them to explain it to the Cypriot people,” Schaeuble said. “Clearly, the taxpayer should not be asked” to rescue banks from insolvency, he said, adding that Cyprus faced a “very difficult time” unless it accepts the tax.

The levy -- as of now 6.75 percent of all deposits up to 100,000 euros and 9.9 percent above that -- whittles the euro- area’s bailout of Cyprus to 10 billion euros, down from an original figure of about 17 billion euros, near the size of the nation’s 18 billion-euro economy. Cyprus is considering changing the structure of the taxes to charge big depositors more and small account-holders less, a a European official said. The European Commission, the IMF and the ECB would support that as long as the amount raised stayed the same, the official said.

Euro finance ministers reached agreement early on March 16 after 10 hours of talks. Cypriots awoke to find bank transfers already frozen as the government prepared to impose the tax before banks reopen tomorrow. Today’s bank holiday in Cyprus may be extended by at least one day, state-run broadcaster CYBC reported, without saying where it got the information."





There is no way this will go over well there, and highly probable to cause paranoia in other areas.

This is not going to end well......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #407 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


PandaWarrior View Post
This is not going to end well......

I do not like to think in absolutes when trading, but imagine, you have $100k in the bank on Friday, life is good, and Monday, without warning, and while the banks are closed, the government takes $10k of it away from you. For nothing that you did. Just "being patriotic" maybe.

And, then they say they may extend a "bank holiday" to keep you from getting the rest of your money out...


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  #408 (permalink)
 
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 GaryD 
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Posts: 6,462 since May 2011

There are three major well-defined support zones under the market from a higher perspective. Price is finding support at Zone 1 now.




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  #409 (permalink)
 
GaryD's Avatar
 GaryD 
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Platform: shoes
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Posts: 6,462 since May 2011

"Absolutely, there is no capital restrictions, people can move. We hope people will believe us, ...and that from now on they can be very confident that nothing will happen to their savings," Sarris said in Brussels.

Sarris had previously insisted that any bank bailout would not include confiscation of deposits.



But, he is telling the truth this time.

I don't know. Going to sleep and get up for the European open, watch, decide then. There is high-level support down here, no volume, and a market I don't trade. And if I miss it, I don't do bad in crude when the world is normal.

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  #410 (permalink)
 
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 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


6E made it back to the 1st resistance level



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Last Updated on August 5, 2013


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