The Euro is soaring +2% against the dollar. Speculators are buying today's drop in the $USD> I'm inclined to think they're wrong.
Opened place bets 'across the board' this morning: PBR (Petrobras), Brazilian miner VALE, RYWVX (Rydex 2x Emerging Markets), RYTNX (Rydex 2x SPX), even EXAS (Exact Sciences). All on strength (seemingly not my usual style). Note, however, that all assets sold off relentlessly over the past two weeks, making them trades on 'the right hand side.' Rather than buy capitulation, I'm trying to catch the ebb and flow of prices away from the turns. EXAS? That's a bet on a squeeze. Any shorts caught sleeping during the -8% drop to 25 two weeks ago are about to be tested (in my opinion).
Collateral bets on RYPMX (Rydex Precious Metals) + RYMBX (Rydex Commodities) at the close.