- EURUSD (1.2422) + 0.18%
- Gold Futures (GC) solidly over 1600 ($1610.60) – 0.18%
- Oil Futures(CL) + 1.07%
- S&P Futures (ES) just tagging 1400 + 0.56%
- CAC40 + 1.38%
- FTSE + 0.13%
- Asia: (NKD) + 1.77%
- Corn Futures (ZC) – 0.37%
The four of us ate in a crowded terrace in the 8th. Smoking permitted, of course. The lunch brought back fond memories, and I can’t help reflecting privately each time I see them. I say ‘privately’ because anyone who has spent time around the table with the French will know what it’s like getting a word in edgewise. It’s a type of tennis that I don’t play well, but the mix of qualities, vision and competence around the table made for a great match.
The French aren’t all public service employees working 35 hr weeks and taking 12 week vacations. Atleast this caricature doesn’t fit these particular Parisians who have invested years of their energy building a profitable, competitive company. Hiring an American didn’t hurt, but that’s another story… They’re personally invested for several reasons, but one important (though hard to admit) one, is that they won’t easily find a home elsewhere. I can’t speak to their intentions, they’ve each profited well and in their own manner, but sharing (or listening to) a political discussion with these business owners under no illusion about the current French President, and his particular policy decisions, makes me wonder if France is a ticking time bomb.
That includes me!
It was a 1, 2, 3 punch of good news this morning.
- China lowering bank reserve requirements.
- Central Banks lower dollar swap rates hoping to bolster liquidity.
- ADP employment: comes in at 206,000 vs. 103,000 expected.
You don’t see this parabolic action often, with $ES_F futures up over 3% before the open, and the CAC40 up over 4%. For those that like Fibonacci, we’ve taken out 61/50/38% over the last 3 hours. Not bad if you were long at the close yesterday.
The ominous headlines this morning:
If you still have Francs you can exchange them for Euros up until Feb. 17th.
Makes you wonder… What if the French return to the Franc?
From AFP: The details (in French).
$ES_F at 50% retracement…
I’m half back from vacation, half interested in speculating on the weakening Eurozone, half sure the G20 headlines are going to move the markets but I’m a bit more than half interested in my November put spreads…
I impatiently exited some $ES_F shorts today, my stops were too tight, and I knew it. Live and learn, that’s another thing I have to more than half work on improving.