21 December 2007 - 11:33Trading Advice 12/21/07

Well my folly yesterday was failing to realize that there would be short carry trade positions being squared up and profits on them being secured heading into the holidays. One the plus side at least I envisioned this happening to dollar long positions. Sadly my USD/JPY advice was not useful as a result of all this.  You can expect choppiness for the rest of the session as players get out of the markets for the long weekend.  I really would not recommend any new trades at this point, unless you are just trying to scalp.  Wait untill next week to see if dollar bears and carry traders who have no allegiance to Jesus take over the markets. My gut feeling says they will and that we could see a move similar to what we did during Thanksgiving of 2006.  There should be some good movement next week, perhaps not on Christmas day but new years is notorious for big moves.