A funny thing happened when they opened the cash markets in New York. They rallied sharply. After being down all morning in futures trade, they are down less than 2 points basis the S&P. Can’t keep a good market down, I guess.
EUR/USD is doing a short-covering sprint as a result, now up to 1.4860. Bounces from the low 1.48 area generally end between 1.4925 and 1.4975, recent history tells us. Don’t fade it too soon…
