Bloomberg has a pretty good summary of the BOJ events last night
- Markets became expectant when the BOJ meeting dragged on
- When the BOJ acts they announce an average of 37 minutes later than a no change announcement
- This announcement time was the longest since 2013
- BOJ wording of "establishing a new program for purchases of exchange-traded funds" was misleading
It's a pretty good summary of last night and another reminder of what silly things can drive a market
Adam took a fair bit of flack last night for calling the headlines as he saw them, and pretty much as everyone else saw them too, but when you've got people trading on how many minutes the BOJ announcement is late by, then we're already in a tough spot
In the cold light of day, and from the outside, the whole event looks like a big clusterf**k. That's the risk for trading headlines. While it may be unfortunate that people lost money on Adam's analysis last night, he's made far far many more calls that have come good. In fact, I'd be more worried if he didn't have the occasional blip as we're all only human after all
I know he'll be upset about people's losses, but I know he's big enough and ugly enough to shoulder the responsibility and move on
Last night was no different to any number of surprise events that can happen at any time and cause a market ruckus, and that's the world we trade in. For all the fundamentals, for all the tech, it only takes a second for something to throw markets into the air. That's life and that's trading. The biggest downside was that Eamonn missed it all ;-)
Anyway, Adam will be back in the saddle in just over 2 hours as he lines up for the FX Street 2016 Forex Forecast panel event, so if you do have any rotten fruit to throw at him, save it until then ;-)
And don't forget you can get all our views for 2016 by hitting the button below
