Week to date

Big week so far, the whole Eurozone debacle reached a new low point with Greece unable to form government after recent elections due to a collective inability to agree over a national approach to ECB/Germany demands for austerity.

Greece is headed back for the polls (June 17?). In latest developments on Wednesday, the ECB has locked out 4 spanakopita banks which caused some 50p range volatility. I would have expected another 100p drop on this news, but am surprised by the sideways price action. The market has been going down for 11 or 12 days now, perhaps it needs a solid retracement to keep the overall bearish trend healthy.

In terms of trade execution I had a couple of hits and misses. Missed a solid gold chance to sell €/$ on Monday. Pushed too hard on Tuesday by selling too soon in Asia, down -6%. Recovered to +12% by EOD. Stood aside on Wednesday which was good as I didn't feel the need to trade, and there were no signals anyway - it was pretty choppy. Sellers are waiting for better levels to sell at, but there's no big reason for open shorts to bail out of the trade.