Volatility at its best or at its worst? Dax opened with around 70 point GAP, the high was around 200 points higher als yesterday evening’s low and we sold off below that low, around 30 points below that, only to recover after that.
EXPIRATION DAY or Masochist’s Ball
General Electric figures came in good, adding to IBM’s from yesterday. UBS plans to scale back risks (too late?), Societe Generale rumoured to face write offs, UniCredito denied speculation it is buying Merill Lynch …
Helicopter Ben did not fly today, Paulson had nothing new to say, but ignited a short rallye and President Bush’s plan seemingly fells short of what investors are waiting for.
I acted very cautiously today as possible FED intervention, political talk and expirations often don’t add up to successful trading. Still I earned money.
Trading days – 29 … Points made 81.0 … Total 473.0 … Average 16.31
Roundturns – Size x 4 … Total 75 … Average 2.59