For perspective, EUR is at where it was 2 trading days ago. Hardly material. NY and London hedge funds are already in position. Price is communicating ....
Go learn some price action, retracement failed, now it needs time to gather more energy, trap some bulls, then headed lower.
Let me put it another way: Gold is up about $3. Despite what you read, when every ibank strategist is telling you to position by going short BTP, long bunds, short euro, yada yada yada, you realize there are very few left to take the position. The greedy $$ knows the money is to be made buying risk, not selling it...
I'm not sure what your time frame is. My point is that unless there actually -is- a bank run throughout Europe, euro isn't going much lower on this news. And of course, if the worst happens, I have no doubt we go much lower. (but more likely: people forget about it 2 or 3 days later, just like Italy's election)
Dollar is up nicely, and I'm making some good money. Anything is possible......but should be nice to see the bears press the longs a little more and keep pressing until big money comes in to support this market. I don't see any big support until just under 1500....that is a long way away. and ES needs to get back above 1555 to wipe this move out... so, let's say we are all ELITE.......stop to 1554 and cover 1500. now let's make the BIG money!!!!!!
My experience trading S&P for over 10 years is that if it gaps down 20 points over night it will generally go up on the open or shortly after (even if it skids a bit first). As I write this it is down 20... Woody
following the "trend" everytime we got a selloff this past few weeks was wrong every time. I'm long (now). Good enough reason to 'fight' the trend.
unless there's a Kerveil with $5B of S&P futures needing liquidated lurking somewhere overnight, that'll generally work.
This is just a one day event. Tomorrow all people waiting for the 1% dip will buy and by Tuesday afternoon they will be in the green. I wouldn't doubt for a second that the markets brush this news off by midday tomorrow. No worries BUBBLE ben bernanke is getting ready for qe4....this is the excuse he has been waiting for... Spx will break to record highs by the end of the week. no need to cry just yet bulls.