Trader: If You’re Looking For A Canary In The Coal Mine…
Authored by Richard Breslow via Bloomberg,
The Day Before a Big Event Is Hardest to Trade
The European PMIs that were released earlier today beat forecasts. And it felt positively quaint when the euro and bund yields rose to their respective highs of the day. If that is all it takes to change the mood, then economists should be enlisted to keep low-balling any economic estimates. Algorithms can be forgiven for reacting to the prints. No human trader should have been doing anything else besides fading the move for better intraday trade location.