Let me begin by saying how astonished and surprised I am. Given the situation and feeling depressed over having what was essentially a dream and ambition completely ruined by a selfish few, I was understandably not in the best of moods this morning. You can imagine how much it lifted my spirits when I saw that within less than 24 hours the survey that I had posted had gathered in excess of 60 supporters (it actually gathered more but I only consider the genuine people who have always been around and have always been true friends to this community to be supporters). I won’t hide the truth from you and will tell you that in a moment of excitement I picked up the phone and got in contact with Bassel over at HF to try and ensure that the meeting for the 6th would still be on. Showing great integrity, before I even had the chance to explain to him that I conducted a survey that I had the support of so many people, he said of course it was definitely still on and that they were looking forward to it and was curious about why I would even ask if it was still on. This understandably made me very happy. Thank you everyone. I will do my best to ensure that we get the terms that we want and that we come back from this stronger than ever. This time everyone really will stick together because those who abandoned us will never have the opportunity to join.
The employment data that emerge from the United States was mostly good. Once again the non-farm payrolls beat expectations and showed a firming labour market with wages picking up at a greater amount than expected. There was one negative in that unemployment picked up back to 5% however rather than see this as just a number one should see why it rose to 5%. The reason is due to the increase in participation rate from the population. In short more Americans than ever are returning to seek employment and this shows confidence in the economy and growth. That is not truly a bad thing in my opinion and shows promise for the future.
It is no secret that recently the dollar has been taking a hammering. This is for many reasons. Firstly there has been a failure to communicate from the FED. With several members calling for increases as early as April and the governor calling for caution the market doesn’t know which way to turn. However is it really a failure of communication or is Yellen quite simply trying to keep the dollar weak, effectively doing what all the other central banks are trying to do and participating in a currency war to see who can devalue their currency the most to aid growth, exports and inflation? One thing remains certain that in all likelihood the downside for the US dollar from here is limited. At the end of the day the US is still on target to tighten monetary policy further over the next year and inflation is picking up, employment is nearly at full capacity. This is in contrast to the other economies which either have deflation or shrinking GDPs or large unemployment rates. In addition many of the large institutional investors and funds have have closed already their long positions on the dollar (as can be seen from the Commitment of Traders Reports) and therefore, there is unlikely to be more substantial selling pressure as we have seen in the last quarter. What remains to be seen is if the US will continue to consistently post strong data is how much longer the Federal reserve is willing to take risks with inflation which is already far above their initial target level for this period in time. Some members of the central bank insist that they believe inflation may not be sustained. I beg to differ seeing as how inflation has shown constant signs of upwards pressure for the last two years. It has not quite simply increased for only one or two months. It has been increasing for a long period of time and with increasing wages it looks like it will continue to pick up.
Some changes around here:
Many of you may have noticed that you are unable to comment at this point in time. I apologise for that and it was not part of my intention. I have asked a friend of mine to make the website members only (people would have to sign up for free accounts) in order to read posts and I guess the procedure got a little complicated. I have finally decided to listen to the wiser advice of many of the followers here who have been telling me for months that this should have been a closed community. In hindsight, I wish I had listen to them earlier.
What does this mean? In short all old posts will still be available for all of the public to read. I’m doing this for two reasons. Firstly because I do not want to hide previous failures, people have a right to see and know what happened. Secondly, because I want people to see what E**** did if ever they come across this site so that they know to avoid that gaming site like the plague. In addition I want everyone who ever dabbles in social investing not to make the same mistakes that I made this last time in trusting the wrong people. I believe there are some lessons in these old posts which could benefit people and therefore all of these all posts will still be available to the public. However from tomorrow onwards all new posts and update will be available to members only. I am told that this feature will hopefully be ready at some point this evening and it will be very simple for everyone quite simply to sign up.
This will be the last ever public post and from now on all new content on the site and updates and trade ideas and feedback will only be shared with a closed community who stood by me through thick and thin and who I can trust. These are the only people that have ever showed me love as far as online investment goes and therefore these are the only people that I have time for from now on. My hope is that with this group, together we will pursue our dream and do our best to succeed and without the trolls, two-faces or hecklers to distract us or waste our time or without ship jumpers to steal our life boats in times of crisis, we can concentrate more of our energy on trading and succeeding.
Those of you that are among this group that stood by me through thick and thin, all of you know who you are, so I do not need to invite you individually. 99% of you already filled out surveys in the last 24 hours, so when you see the chance to sign up or register ( however it works) please do not hesitate to do so and I will approve the accounts when I see them. I look forward to a new adventure with all of you.
To the other members of the public this is the last public post you will ever read so let me just say I wish you the best of luck in whatever endeavour you pursue.