Annoyingly I set a stop loss on my current position and was stopped out this morning for 20 Euro rather that the 140 Euro it was looking at last night. Merrill last night shocked the markets and re-enforced the distance between fabricated statement and the truth. Trust in bank statements is now at an all time low.

For my part I was short and brought my stop to break even in spite of my conviction of lower lows. Of course as soon as I altered my stop the markets rallied knocked me out and are now flying lower at hi speed. Previously I either used wide stops or mental stops (yes they seem to work for me but they aren’t for everyone). The Dow Jones in currently -33 and not looking too healthy. I’m expecting a pop rally at some stage today purely because the sell off was so savage yesterday. With no positions open I’m missing out on the drop but don’t want to rush in for the sake of it. I think I will wait and see how the US opens and reassess then.

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