Friday 10 February 2012

Sold EURUSD at 1.3204 to Hedge The Big Greek Problem

Having exited our S&P hedge earlier this week, our positioning would have been totally derailed by this "shock" rejection of the bailout package from the Greek LAOS were it not for our trusty USDJPY long, posting more gains as Japan comes to terms with its rapidly imploding economy.

Gold has pulled back and we have added to our position at 1705. As the post title describes, we shorted some EURUSD after the main move down to 1.32 to mitigate further risk out of Europe and this has proven wise as raging riots in Athens have caused the Euro to depreciate to a low of 1.3157 vs USD.

The rumour mill among traders is rife with many believing that this could well be the catalyst we described yesterday to snap the market back a few notches.

Pull out the garden scissors, protect your precious assets with something skewed and juicy.
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