Hello All,
We have our unemployment numbers being released tomorrow morning 8:30 EST, and we pretty much had an inside day due to the fact. The ECB kept its rates unchanged at 1%, but with ongoing fears in Greece they pulled the carpet out from under the Euro, and inversely strengthened the dollar. This could also be combined with the fact that regardless of good news or bad news tomorrow, we're doing better than the Europeans, thus creating a flight to a better fiat currency. Prices in the S&P can be inflated to the 1133 region where we should probably trigger off a sale. Crude projects 81.80 where we will also probably want to go short. And the Euro would probably be a sale around 1.3640 to retest the lows. Also note that we have been rangebound in the Euro for 3 weeks now which worked out perfectly for our short option strangles. We are exactly at the same price we were when we initiated the strangle on the 11th of Feb.
I'll have to wait and see how quickly these targets are reached before I can determine a protective stop.
Best,
Arman Vahdatinia
Futures & Options Strategist
1-877-338-EXPO [3976] ext. 25
www.ExpoFutures.com
*There is a risk of loss trading futures. Past performance is not indicative of future results.
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