HSI just rose 900 points in less than one hour the magic Chinese central bank foreign currency reserve must be involved in it
HSI does tend to whipsaw a bit. I bet a certain FX "broker" is cursing for abandoning their 'copper the customer' business model (if they did). Over leveraged FX customers either lose or win until they lose. Probably a lot of Japanese housewives learning that one for the first time. Lots of wild cards out there. I have not forgotten Greenspans unscheduled rate cut last time. Wiped out a lot of people I bet. Now we have an additional wild card in the form of the CPC. What I have on is very low leverage and covered with a cheopo short dated option just in case. Made some money in HSI yesterday (1/10th of what was available) and then decided it was not going to do much today.........................yeah right.
I also had to wind back the trade size to shrug off the additional risk , guess long survival is the name of the game.
Monday's opening gap ... 758 points from Friday's close ... 758 points! Thats about USD5000.00 on one contract.
I can not trade the market is a bit too wild right now, so I can post. Kiwi, Did you happen to catch it? Regards, redduke