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Guest Steve Cook

Footsie Taking A Bit Of A Hit This Afternoon

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Guest Steve Cook
Another 400,000+ jobs gone in the US. Green shoots have died.

Dow just come on-line. Going the same way as the footsie

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The number of jobs lost in the US last month came in at 467,000, which is much more than had been expected.

Interesting, last month they were expecting 600,000 and when it was less the markets soared.

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FTSE 4,234.88 -105.83 (-2.44%)

Getting nasty.

Yesterdays jobs data pointed that todays would be bad.Not nasty if you had a 50 a tick short on the FTSE at 4314.0 ;) .Out and enjoying the spectacle.

Governments are running out of options.Soon they will be forced to slash spending.They did everything from the start to make this worse and worse.

Interest rates need to rise,bankrupt the over leveraged and start re-building.Anything else is futile,but makes for great trading.

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any ideas

- The economy is staggering under a vast debt mountain

- Wildly overpriced housing has squeezed consumer spending

- Out of control speculation means gyrating commodity prices

- Unemployment is spiraling upwards making the debt problems even worse

- Infrastructure in many western countries is creaking with no cash to replace it, another economic drag

- The approach adopted by governments - shoving unimaginable wads of cash at those who caused the problems - isn't working as well as (they) expected

So, nothing to really worry about.

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anyone understand why sterling is down 150 pips against the dollar bearing in mind that the bad news was from the states?

Because when people think the global economy is getting worse they retrench to the reserve currency - the buck!

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anyone understand why sterling is down 150 pips against the dollar bearing in mind that the bad news was from the states?

Half a million additional people who won't be able to buy our much in demand valuable exports?

p-o-p

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Because when people think the global economy is getting worse they retrench to the reserve currency - the buck!

but the bad news worrying the world is coming from the states, sterling is down the same as the euro against the dollar, makes fa sense to me anymore.

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anyone understand why sterling is down 150 pips against the dollar bearing in mind that the bad news was from the states?

Looks like the dump risk assets buy treasuries safe haven play may be back on again.

(pure guess)

Edited by Red Kharma

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anyone understand why sterling is down 150 pips against the dollar bearing in mind that the bad news was from the states?

Its a high beta currency. £ gets hit when confidence in the global economy does. Its basically a market play on global confidence.

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Why was there no thread yesterday when the FTSE and DOW rose by the same amount they tanked today or Monday? I'm not attempting a flame I'm just curious on the psychology of this.

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Why was there no thread yesterday when the FTSE and DOW rose by the same amount they tanked today or Monday? I'm not attempting a flame I'm just curious on the psychology of this.

Increases are seen as part of the bull trap and not worth discussing.

Most people are expecting the next leg down.

four-bears-large.gif

See this chart, after 29 there where a lot of "recoveries" but ultimately it went down.

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Why was there no thread yesterday when the FTSE and DOW rose by the same amount they tanked today or Monday? I'm not attempting a flame I'm just curious on the psychology of this.

no news like bad news - certainly true on HPC :lol:

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no news like bad news - certainly true on HPC :lol:

I just want to see the economy return to realistic levels, supported by real fundamentals, rather than hot air and spin. The sooner we get to the bottom, the sooner we can start building on solid foundations.

In that respect, I consider a good purging/detoxing is good news in the longer term.

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Increases are seen as part of the bull trap and not worth discussing.

Most people are expecting the next leg down.

four-bears-large.gif

See this chart, after 29 there where a lot of "recoveries" but ultimately it went down.

Exactly. Most people here know what is coming next, many have bet on it. The FTSE peaked at just above 4500 recently and hasn't broken through that level although trying on a couple of occassions. We are all waiting for the final capitulation which should test new lows of close to 3000, and maybe settle in the mid 3000s for a very long bear market.

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