Things took a turn for the worse in world markets this past week. A dismal jobs number on Friday seems to have turned opinion over to the reality that the US is following Europe back into recession. The equity markets reacted sharply with the Dow Jones Industrial average shedding 274 points or about 2.2% wiping out its gain for the year. The Nasdaq and the S&P didn't fare much better, but are still holding onto gains for the year. Energy, Health Care, Tech, it didn't matter what stocks you were holding, they all got creamed. One TV commentator got it right when he remarked there was "Nowhere to hide" for equity investors.
Another interesting tell was the Facebook Initial Public Offering which held so much hope (and hype) for investors. From the botched trade execution and reporting on opening day, its has been all downhill for Facebook shares which have given up about 30% of their 100 Billion in market cap in just 10 days of trading. And without a lot of clarity around the ability of Mark Zuckerberg to run the social media empire and turn in the profits, the shares could go quite a bit lower before we find the bottom.
With risk off situation, investors poured back into USD and send EUR/USD to a 2 year low. This resulted in a positive week for our Forex trading systems. We had nice gains in Atinalla #3 and Atipaq Full Portfolio. Atinalla #1 and Atinalla Custom also benefited from short EUR/USD positions. These gains are encouraging news after a period of drawdown which took my entire Forex portfolio into the red after some encouraging gains in years #1 and #2.
My COATL H1 account has been idle and I need to figure out what to do with it. Also Sunqu hasn't been trading due to an issue with the DLL that I haven't bothered to fix. I think I'll spend some time in the world of Asirikuy to see what's going on and maybe I'll get some ideas.
Enjoy your weekend.
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