Overflow order from big dealers, 14x avg USD market order at open - biz is in HK, Sing, India.
The numbers to watch are 0.5x, 1x (normal), 10x, 100x. Once it passes third base it always score fourth. Never failed. Don't short USD here. Do it at 100x - will update in two-three weeks or so. Watch Citadel blow up. I suspect (east) european Convertible in the books. This will be historical moment when Fed backstops the entire European and hedgefunds universe, in addition to de-facto eventual back of FHLB this week/next. Legendary deleveraging here.
Edit #1: Still on currency, based on this article I think I have nailed pretty solid where FXA bottom is going to be, which I believe about $12 - 15.
Australia bans word 'drought' as too upsetting for farmers
The word "drought" makes farmers feel depressed and should be replaced with "dryness", a panel of Australian government experts has said.
By Bonnie Malkin in Sydney
Last Updated: 11:47AM BST 23 Oct 2008
The group also warned farmers to get used to the lack of rain because dry conditions are expected to continue.
The right enemy
6 years ago