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First and foremost, I write not out of any "sour grapes". I was flat
when the fecal matter came flying in -- I had gone flat on the open.
And I was contemplating a 3-day weekend under just those conditions:
flat.
If any of you are following the Dollar/Yen, you've probably noticed
it's gone to sleep the past few days. Right around 106.2, give or
take, most of this week.
At about 2:25 pm today, 35 minutes before the market closed ahead of
a 3-day weekend, the BoJ decided to ram the dollar up to more than
108 in the space of a few minutes. (It's now right back to 107.07 as
I write 45 minutes later.)
Naturally, this caused a huge, albeit temporary, spike in the ^225
futures here. Okay, the BoJ certainly has the right to interfere,
but I smell a rat. After opening higher on the back of the US
numbers last night, the morning session saw the futures under
constant attack, actually going negative before the morning session
was out. In the PM session, however, there was a quick rebound, and
by about 2:15 pm (maybe 10 minutes before the BoJ) we had gotten back
to opening ground on the near futures (about 10,950).
My questions are 1) why this timing, and 2) who else knew about it.
I smell a very fat rat, I'm embarrassed to say.
I really think we need a law forcing the BoJ to act outside of equity
trading hours. They could still play games of course, but perhaps
not as blatantly or as easily. I think a child could reason out what
happened today. A child of about age 10.
For those of you in the US, one think to think about perhaps. What
if Yuki is wrong and the BoJ did this not to aid some market players,
but out of a fear that a huge dollar hit is coming? Might there be
any connection between that fear (if it truly exists) and tonight's
employment report? It will be interesting to see how the evening
unfolds. I am uncorking the Chardonney soon. ^^_^^
Yuki
P.S. Pal, I don't know what software on the planet would have gotten
anyone out of a short dollar position this afternoon without major
damage. I attach a chart of just what happened (times on the chart
are US I think -- Power E-Trade Japan via Reuters).
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