The most irrational move in the history of financial markets

Quote from Ivanovich:

Please. There are far, far more examples of stupidity and irrationality in markets.
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Are you sure? We are talking about GORDON BROWN here!
 
Quote from Cutten:

Are you sure? We are talking about GORDON BROWN here!
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I'm short cable. For technical reasons.

But you're not thinking ahead. The Pound rally has been predicated (besides across the board dollar weakness) on the assurance of a Torie victory. What does a Brown resignation do for Labour? It gives Labour a boost, eh? Anything good for Labour at this point is a BEAR ITEM.
 
A rule of thumb in the forex market, whenever there is a whiff of political instability, exit out of the local currency.

Pound should go down and it did.
 
Quote from WinSum:

A rule of thumb in the forex market, whenever there is a whiff of political instability, exit out of the local currency.

Pound should go down and it did.
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The short position I had (and still have a bit of right now for the weekend swing) was quite possibly the easiest trade I've ever made and so far my biggest gainer trade
 
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Quote from Cutten:

The pound sterling sold off 3 big figures on rumours that Prime Minister Gordon Brown would resign. Anyone from the UK, or any impartial observer, knows full well that this would be the most bullish thing imaginable for the country - the pound should have GONE UP several hundred ticks on the rumour that this useless unelected lump of smirking lard was going to be given the boot! It's a bit like when Oscar Lafontaine resigned as German finance minister, and bunds ramped over 100 ticks in seconds.

I therefore pronounce this the most irrational move in the history of the financial markets.
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What you say is true but think of it, maybe those who sold are "friends" of the current government who are "bailing out" at this point. Anyway, markets do not like uncertainty. Uncertainty= irrational behavior.
 
Quote from jonnyy40:

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Jeez that guy is an embarrasment!

At least we didn't vote him in, I suppose that's one consolation!
 
I must confess I don't know anything about Gordon Brown.

Why is he considered to be so lousy?

I only watched the movie "The Deal" (2003) and his reputation seems to have been that of a smart dedicated liberal.
 
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