GBP/USD SHORT TERM TRADER: Wondering where to go long again.
GBP/USD POSITION TAKER: Long at 1.3195; stop below 1.3150. First target 1.3450, maybe 1.4000.
Bitcoin a crowded trade
US fund manager survey says
Bank of America’s monthly Fund Managers Survey published yesterday shows that of the 181 who took part in this extensive questionnaire 26 per cent believed that being long Bitcoin was the most crowded trade. Long NASDAQ came second (down from top spot in August) and in third place being short the US dollar. Note that from December 2016 to April 2017 the most crowded trade was consistently being long the greenback. Later in the day JP Morgan CEO Jamie Dimon said the crypto currency, which is up over 300 per cent year to date, is ‘worse than tulip bulbs. It won’t end well’.
In a report commissioned by the Adam Smith Institute and penned by Durham University professor Kevin Dowd they conclude that British banking today is an ‘accident waiting to happen’ and that ‘the biggest risk facing the UK banking system now is the Bank of England’s own complacency’. It continues: ‘the stress tests are about as useful as a cancer test that cannot detect cancer’ and that ‘they seek to demonstrate a financial resilience on the part of UK banks that simply isn’t there’.
Nicole Elliott is a long standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.