Thursday, March 20, 2014

Wisdom from wizards | Good employment figures in UK

Jack Schwager has been around for years, writing a series of books with the general theme of “Market Wizards”. His method is to get access to highly successful traders, many of them legends, interview them and present the outcome in his books with his own insights.

He has now distilled the wisdom garnered by him over time and reproduced them in his latest work, which is called “The Little Book of Market Wizards”. He has also come up with five basic principles that each of the successful subjects would adhere to. They are reproduced in the graphic above and he talks about them to Jeff Macke on the Yahoo Finance Breakout program. It is interesting in the extreme and you can access it here:

Good employment figures in UK

As previously flagged, sterling against the US dollar (GBPUSD) is in an upward trend. Yesterday’s minutes from the Bank of England did nothing to affect this situation, as they were as they were expected to be by the market. What surprised, to the upside, was the outcome of the Claimant Count Change, a measure of unemployment, which was announced at the same time. The drop in this figure was significantly larger than expected by economists and went to reinforce the tendency of Cable, as the pair is known, to increase.

This pair has to clear a significant resistance level in a meaningful way before we can take a position, but we have it under review.

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