Answers on a postcard please because I can not read the market at the moment.

This is a warning to those not experienced.

I told you before you can not “un-ring” the vol bell. I think this is mutating and gyrating which is playing out – OUTSIDE of Option desks.

Here’s the thing about yesterday.

US 10 year highs at 2.91% (Above 3% will be a tough nut to crack) US CPI much stronger.  Retail Sales a miss but so what. USD getting hammered AND reversals aplenty in G5. Stocks up ! That’s right so forget about selling the high today because King USD is on the ropes

What ever happened to inflation fears ?

I speak to people and no-one can explain it. Especially the divergence between US 10 year yields and spot. That means i don’t know what’s going on.  If that’s the case i’m a silent observer. I don’t like it when i can’t read the market. Which is why i’m warning the inexperienced trader to keep it tight.

Watch that risk – just like me

Patrick Reid
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