Monday, July 21, 2008

2.5B Usd loss, and it's good news

It is a sad day when a major U.S. bank can announce a 2.5B dollar loss and the market take it as good news, but that is what happened with Citibank.

Citigroup posted another loss in the second quarter as it struggled with surging loan defaults, but the $2.5 billion shortfall was smaller than Wall Street anticipated

Sad, yes but I think the last line in the ARTICLE says it all,

Not all financial services companies have been clearing the low bar that Wall Street set for them this quarter.

I still think that a stable (for more then just a day or two) financial system is the beginning to a turn around on Wall Street. For now I have not seen it.

My positions to start the week are.

Short Usd/Brl (small)
Long Usd/Ars
Short Usd/Clp (Small and not sure why)
Short Usd/Cop (I fix out of this close of buisness Monday)

Interest Rate plays

Looking for widening differentials in


Looking for narrowing Differentials in


Good Luck and Good Currency Trading.

Happy Birthday John (my oldest son)

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