Morning Call [8:30am ET] As we await the report of the recent quarter US GDP estimate at 8:30am ET, the UK Office for National Statistics unexpectedly reported that Britain’s economy had grown faster than expected, faster they say than in any quarter year in the past nine years. Bernanke is likely to discuss a slowing US economy in his speech to a Fed sponsored gathering in Wyoming today. What impact will these events likely have on capital markets?

Morning Call [8:00am ET] Trading strategy must be based on the principle of capital preservation, which means that whenever capital markets go into panic mode the idiom ‘Discretion is the better part of valor’ must underlie your tactics. Yesterday, shortly after the open, the market, which earlier had been shown a disappointing US Durable Goods report, was facing absolutely ugly New Home Sales data, and started to panic.

Morning Call [8:30am ET] Yesterday morning, I gave you an insight into how I had backed into a corner as the Bears were breaking through all defenses put up by the Bulls. Here is a follow up to that discussion, taken from the end of the day log:

[8/24/2010 4:03:47 PM] Bill Cara: at 3:20 I had recovered and then some in the emerg mkts, then boom

Morning Call [7:53am ET] Yesterday afternoon I messaged my trading team as follows:

[8/23/2010 3:27:36 PM] Bill Cara: dip in the TNA, euro, aussie, loonie here
[8/23/2010 3:27:58 PM] Bill Cara: not good for the Bulls going into the close
[8/23/2010 3:28:17 PM] Bill Cara: I'm hanging onto eem though
[8/23/2010 4:00:17 PM] Bill Cara: ugly close

There are times when you just want to kick yourself.

Morning Call [8:05am ET] Over breakfast this morning, while perusing the Toronto Star, I discovered an eye opening article inspired by filmmaker Steven Spielberg who directed the latest Tom Cruise film, Minority Report. At first I was taken by the words, “envisions a plausible society where privacy is non-existent and no one is anonymous,” which apparently is the plot, but then I realized the article was about me.

http://www.thestar.com/living/article/850671--futurists-guides-on-the-ro...