any news in 6A????

Discussion in 'Trading' started by taq, May 18, 2012.

  1. taq


    Is there any news in 6A my datafeed is showing unusual activity in last 15 min or so???
  2. Australian press calling the end of the resource boom

    Written by Adam Button
    May 18, 2012 at 15:18 GMT

    Iron ore prices are falling and shares of BHP Biliton and Rio Tinto are down 16% and 10% each, since the beginning of May, notes a worrisome report in The Australian.

    Ships laden with iron ore are at anchor in Chinese ports and in Singapore, waiting for buyers, as Chinese steel mills defer deliveries.

    Even if China slows, it will take some time to filter through with projects worth $384 billion already underway (up 70% from last year). The risk is that the additional $260 billion in the planning phase is shelved.

    Much of that planning is in natural gas projects. Canada and the US and stepping up in that space and Japan is looking to squeeze Australian prices.

    Woodside Petroleum, Australia’s biggest LNG seller, expects the US export ban to be overturned and that US exports could pressure some local projects, especially coal-seam gas projects on the east coast.

    The good news is that natural gas prices have been surging, up 42% since bottoming in April. The market loves to talk about oil but at the moment, nat gas is probably much more important because hundreds of billions of gas projects will be allocated in the next two years.
  3. taq


    ok it seems some short covering but i am expecting some more downside is left let us see how it will unfold?
  4. I totally agree on the EURO/POUND/Aussie but I won’t be surprised if you see some gapping higher Sunday. I look at it this way with one of the worst weeks we have had in a long time in the markets across the board if you look at a daily chart on EUR and AUD, that is some major gains for the trend guys and institutions so covering at these levels can easily overwhelm the sell limits.

    It’s nice to see another currency futures trader on here I don’t hear much from this side.

  5. taq


    Same here

    I am also not comfortable carrying positions over weekend this week was wild have you traded in 6B .
    After that short covering rally it might possible to take the morning low in 6A let us see.
  6. I was hoping for a gap up in 6A and 6E but this profit taking spike that just occured really locked in my profit for the week. As for taking a new short here I am uncertain myself but the underlying really is not looking positive so it could be a bear trap. I will look to Sunday on the open and see what interest is like. If you long or short best of luck you can possibly scroe a nice windfall when we open up again