Here Are Ther Positions We’re Adding To…

The golf Gods givith and the
golf Gods taketh away. But a bad day at the courses here in Florida beats a
good day at the office.

Note that
our forecast over the past six weeks has oscillated between a sharp “ABC” decline
in USDX to the 87.00 level (what we forecast in the first week of July) to that
of a “triangle” (late July) and now back to a more complex “ABC” type correction
marked below. The point is that we feel this is simply a correction. Today’s
bullish daily reversal near key support could be the low. But we are unable to
manage new positions while on the golf course so we are not initiating new ones
at the moment. Meanwhile, recall that we added to our long EUR/CAD position
yesterday for an averaged rate of 1.4750 and the strong move higher is nearing
our initial take profit target of 1.51.




The market is very VERY
close to a key top. We bought the Vix two times last month for an averaged rate
in the spot market of 10.50. Our 10% gain so far seems well protected as
volatility is likely to explode in the coming weeks. This means we may again
have an opportunity to get short the S&P 500 in the coming days to weeks.

No change: Bond yields rose
above 4.3% but only a move above 4.6% in the 10-year yield would indicate bonds
are headed lower.


Jes Black

FX Money

613 4th St Suite 505

Hoboken, NJ 07030

Tel: 646.229.5401