EUR/USD may not see any daylight above 1.40 this week due to pure stupidity going on in Eurozone. Even QE Lite expectation is not helping it versus dollar. I am flat and stopped out of the last long small runner. No more trades pre-FOMC. Looking for big short post-FOMC if no QE3.
SPX is getting pummeled due to Europe of course. Flat there as well, stopped out of last tiny runner. Looking for a small long into FOMC after this weakness is dealt with in today's session. It will be a very quick small long trade, if I get my entry levels triggered. Just like with Euro, if no QE3, I am looking for big short post-FOMC.
UPDATE @ 12:13 pm edt
Very quick two-way action. Bulls bought the weakness just before President's presser. Gap fill on ES_F and a nice bounce. AAPL dragged entire NDX higher, NQ_F went to DP. There is another gap on NQ_F @ 2245. Will be trying to catch that before FOMC. Back and forth action to continue, Greece/Troika conf call results coming up shortly. Be very careful here, quick trades only!
UPDATE @ 1:17 pm edt
Now it looks like there will be no announcement of any kind from that Greece/Troika conf call. This is disappointing, to say the least. Market is trading Bernanke put against Eurozone calamity going into Wed., hence chopville to continue. I am extremely cautious here both ways...
UPDATE @ 2:48 pm edt
There will be an announcement after all. Short covering in progress. LOL
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