I can't believe what spewed from this person's mouth this morning, though I should not be surprised.
Not only is he currently pushing for the complete surrender of our national sovereignty as co-chair of the Council On Foreign Relations, but I'll never forget his appearance on the cover of Time magazine back in 1999 along with Alan Greenspan and Larry Summers posing as "The Committee to Save the World."
This morning on Cnbc, he quite possibly gave one of the most disingenuous answers to the question of To Big To Fail banks that I've ever heard.
This man is former treasury secretary Robert Rubin. (He's even messing with the formatting of this post.)
UPDATE: to see the video, you may need to click here.
"It isn't that the trading would go away . . ." is the statement that infuriated me most.
The question is not where would the trading go, it's who's on the hook for it.
Rubin seems to be quite comfortable arguing that the public should still be the backstop for careless individuals taking risks with other people's money: yours and mine.
This is the type of person openly "running" things in Washington D.C. and covertly through fronts such as the CFR. Beware.
Yesterday's plan didn't work out as I thought, but the S&P seems to be shaping up for another poke at higher prices. The pattern leaves many different interpretations at this point. The most I can say is that unless 1451.64 gets broken, dips should be bought.
Regarding forex, I'm a boring follow because I mostly trade setups using weekly charts. People with $500, 200:1 leverage, and a dream want what amounts to daily hand holding for 50-pip trades. I want big trades. So I exercise patience, and wait for the big setups to occur. Like this one on AUDUSD. The cool thing about this one is that there is already an indication that "it's on."
Open interest at the June 115 strike on the FXA currency ETF is 10,000 contracts on each side. These things hardly trade any options at all. For there to be 10K of OI on both sides means someone might be expecting something very similar on AUDUSD. That is, a run to 1.15 soon or possibly higher.
For me, I'm content with the wave pattern alone. But it's nice to have company.