It’s been a very quiet start to the trading week in Asia and it’s hard to see where the volatility is going to come from. Option markets are pricing in very little risk premium but Iast week’s sharp rebound in Cable suggests to me that there may be some uncomfortable positions in the market.
I’m going to play cable from the long side this week, starting as always with a very small position. Milan tells me that 1.5370 should offer solid support first up, so I will look to start building near there.
Recent highs near 1.5505 are the levels to watch topside, and any move above there will accelerate momentum.
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