Clem Chambers, Founder and CEO of ADVFN, explains the summer time lull in the markets and why he prefers moving away from Euro and towards Great British Pound.
Chambers said “people are long holiday & short work”, so nothing major is unlikely to happen in August and the mood is ‘little bit bullish’.
When quipped about the so called ‘dark forces’ in the market, Chambers replied the central banks and governments are not dark forces, but bright ones and added there is no point in going these forces. ‘What’s going on since 2008 is the transfer of wealth from savers to gamblers’, Chambers said while talking about central bank put. Chambers also explains why he feels capitalism doesn’t exist in the West now.
Coming to FX markets, Chambers states the sharp fall in Pound is likely to be followed by a slow pull back. He added, “I am very bullish on Pound at the moment and moving from Euro to Pound”. Chambers moves away from holding shares of Euro dominated company and searches for a Pound dominated analog.