Friday, July 2, 2010

ES Short through the weekend?

On Wednesday I postulated that the Euro coudl run to 1.26 and it did, very fast.

Leaving poor little SPX behind in the dust. 

One way they can make the unemployment numbers better is to stop paying unemployment....then those workers can be lumped into the U6 category of discouraged workers.   Hey, what a way to restore confidence!

So is the correlation broken between Euro and SPX?  Are "they" using some other vehicle to hedge instead, allowing gaming of the Euro to occur? 

Time will tell, but I established a short position under the Big 38 Fib on SPX (aka /ES for the leveraged futures slinging cousins).

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Insightful and Useful Comment!