Friday, 17 May, 2019
FV / TY / ED …..rally looking complete over next couple of sessions
we have a conflux of global growth, ecb , CBs, Italy that came on the boil, Iran, trump/china all converging… that being said,anyone get the feeling this rally is tired?
chunky volume paid in the ED’s and partic through the reds EDM0 we were watching closely
paid up to 94.5 in industrial, but met with equal selling and the sellers agressed to 93.5/93
the RED ED levels we put out on monday
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13:53:05 ASHLEY JOYE : Ed’s.. red resistances
edm0 97
edu0 04.5
edz0 06.5
edh1 09
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highs from the end of march all still holding firm, and TY not making any traction. mkt has felt edgy with the flows in ER and RX and front end ED, but we not seeing the extension we might expect.. We should always reflect on the 20bp of rally in ED and decide if it’s warranted given the current conditions.
and have a look at {GT5 Govt gpo <GO>} if that doesn’t get you thinking that we need some pause, not much will……. We’ve put on a myriad of trades to fade these moves, TY and ED downside, steepeners in GB etc.. everything to pretty much avoid an outright short.
I’m having a go at rubbing off my “long is easy short is hard” tattoo
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