Back to 1.2580 then up to 1.2860 should finish this retracement off........
I'm not as greedy...I would be happy with 1.2660/50, but I will keep an eye out for 1.2580-1.2600...thanks...I will probably take a new long at those levels you gave...........
The old adage in equities is buy on the rumor, sell on the news. Not sure that really applies to FX or not, but today it may seem so. At least for just a few hours, how long who knows.
Another loser day for me, what else is new? (EDIT: I spoke too soon. Turns out that in the resolution of the gap I somehow got stopped out for a more favorable price than I would have expected, and lost little; at the moment, knock wood, I am already back in the black again.)
Near-final tallies (from Greek Interior Ministry with 99.83% counted) has New Dems with 129 seats, Syriza 71, Pasok 33, Independents 20, Golden Dawn 18, Dem Left 17, Communists 12. Golden Dawn showing is a disappointment: they looked to be collapsing early on, but the first vote counting was in the countryside; in the cities among the youth they seem to have done troublingly well. Participation rate was 62% which is rather low: the Undecideds seem to have mostly stayed home. Blank ballots 1% and total for all the little parties that failed to make the 3% cutoff was only 6% (compared with 19% total blanks and little parties last time): those who did vote were serious.
It is commonly reported (I even heard this on the BBC) that "the pro-bailout parties won enough seats to make a majority coalition" which is profoundly misunderstanding the position Pasok is in. Pasok was jollied along into voting for the "memorandum of understanding" back in March, even though their parliamentarians got no chance to read what was in it, and they have suffered badly for sharing the blame with ND on it; the confirmation that their drubbing in May was no fluke probably means that they are not going to be the second party ever again (compare what happened to the "Liberals" in England). They stated they absolutely would not join a coalition with the ND except as part of a grand bargain that included Syriza also; and Syriza has just said a flat No Way. Pasok leaders are now saying they would be willing to abstain on a no-confidence vote so that ND could form a minority government (Dem Left is the only possible partner; Independents are strongly anti-EU, not just anti-Memorandum, and suggested during the campaign that Greece should try asking Russia for loans; Communists and Nazis of course are out of the question). I believe they mean it and will not change their minds: they are OK with letting the ND try to make a go of the Memorandum (ND pledges to ask the Troika for some readjustments of the terms, but Merkel is saying Nein nein nein and the Greeks do not hold a lot of cards if they forgo the threat of a euro exit), but Pasok wants no part of sharing the blame again.
Samaras (ND leader) has three days to form a government: minority coalition with some Dem Left ministers and Pasok promising not to bring them down, not immediately anyhow? If he announces failure on Wednesday (same day that FOMC makes its policy pronouncements, remember) we are into some very chilly waters. Syriza plus everybody except ND and the Nazis makes 153, but even if Pasok would go for it, there are the prickly old-guard purists among the Communists to talk into it; I question whether it is even possible. A third round of elections? What candidate would even dare to campaign in public for fear of getting tomatoes or rocks thrown at him?
Last edited by Robert Eckert; 06-18-2012 at 12:28 AM.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Originally Posted by NoGrn4grnhorn
FILL GAP, FILL GAP......
Posting Permissions 
Reply With Quote
