Shares are getting fucking harangued again. After dropping by 13% on Friday, FXCM is off another 9 today, based on suspicions that the company is getting gorilla raped on a sundry of fucked forex trades.
You’d think the extra volume in FOREX would help business. But anyone who knows FOREX and the boiler room culture at many of these firms understands that these people are morons of the first magnitude. I am sure as FOREX moves rattle through factors of standard deviations, accounts are getting zeroed out and swimming into negative equity.
Via Briefing
10:24 | FXCM | (7.62 -0.77)
FXCM follow-up: Forex broker FXCM seeing notable weakness today; down 9% today and 13% in past two days post-Brexit
As mentioned on Friday morning, forex broker FXCM was a name to watch on currency volatility after the British Pound saw a record move.FXCM issued a statement on Friday morning, noting that FXCM systems and operations functioned without any material adversity during Brexit. This statement helped the stock recoup its initial losses on Friday.
However, FXCM stock has weakened again today, currently lower by 9% with continued volatility in the currency market.
As noted, FXCM was severely impacted by FX losses following the Swiss National Bank announcement of early 2015.
We’re all programmed to believe where there’s smoke, there’s fire. Well, this stock is smoking now.
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I’m glad I’meating popcorn here on the Ark – I’m not that good a swimmer.
It’s funny that many people working in Finance are very capable of seeing – and stating – that minimum wage fast-food workers can easily be replaced by robots, yet they don’t realize the fragility of their own, much more expensive jobs.
This really isn’t a Brexit Story, it’s a Central Bankers have lost their touch story. Which is actually healthy for the world.
Horrid broker. They can burn to ashes with Euro banks.