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Oriental Trader
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Spent many years swimming in the markets. Think I've finally noticed a few things.
My blog:
stocktradingtogo.com
  • Closing In On Emerging Currencies 1 comment
    Aug 28, 2013 12:52 AM | about stocks: EEM

    India's interventions and stimulus plans yesterday did nothing, Rupee plummeted and keeps falling.

    US sentiment is still complacent and policymakers do not seem to want to act to assist in any meaningful way... yet.

    Ineffective domestic intervention + lack of interational assistance = nothing to support drops in these currencies.

    Sell all emerging market stocks(NYSEARCA:EEM), the problem will only get bigger for now.

    Long USD/ZAR at 10.44. This is not going to go away quickly or soon. SA Trade balance on Friday, may remind the markets how SA is still running a $1 bn/month trade deficit with only $47bn forex reserves.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: Long USD short South African Rand, I think all the bounces and retracements are over, time to move in for the main entree

    Stocks: EEM
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  • dieuwer
    , contributor
    Comments (2931) | Send Message
     
    India should stop printing rupees like mad. Problem solved.
    28 Aug 2013, 08:08 AM Reply Like
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