By Gavin M.
The EUR dropped after the tape bombs started coming earlier in the morning. However, it stopped short from taking out stops near 1.1100 and all the other related crosses. Why did that happen? Because people have HOPE. There is a group out there who really think that a GREXIT would be good for the EU and EMU overall. I would be inclined to agree that it is, in the long run. However, markets are very short term and not knowing the real effects of a GREXIT or a No-Deal weekend, I would not be so crazy going long a currency that has so much uncertainty surrounding it. In this case I really think that if Greece does not have a deal and does default on Tuesday, there will be panic in the EUR and corresponding equity indexes like the DAX. The knee-jerk reaction for surprising events like this is to sell. Unless of course, you have the ECB and their legion of algos at the bid stopping the decline. I would like to think the market will do the right thing in this case. A man can dream.
0 Comments
Get trained and get quality trading signals for free, Click Here! Our Performance this week WINNERS: 1. NFLX 2. SPY 3. LL 4. PVA 5. MCRB LOSERS: 1. AAPL 2. TSLA 3. Wheat Futures It's not too late to take advantage of our summer classes if you desperately need to know how to be profitable. We'll be more than happy to talk to you to answer your questions. :) Click image to enlarge
By Gavin M.
I am sure by now you're already quite jaded from the daily barrage of Greek tape bombs. The continuous He said, She said reporting is just staggering. What does impress me the most is that even Greece is now at the precipice, markets are still very nonchalant. Is this because traders have gone away for the summer? Is this because no matter what happens, they (the evil traders) still think there will be a last minute deal? What has been quite evident in the last few weeks is the hardening of Greece on their stance. This is something Samaras and Papandreou never did years ago. It is perhaps a welcome sight for the Syriza voters that their elected leaders are truly sticking to their campaign promises. It boils down to two groups this coming weekend. The hopium smokers and the euroskeptics. I expect a violent move in either direction come Sunday night. Good luck to you, if you are placing a bet into the weekend. |
Multiple AuthorsTraders from Equity Sense will be writing on this blog on positions and other market-related things. Archives
May 2018
|