Weak USD Pre-Market Makes Favorable S&P 500 Open

Options Trading — Thu, 15 Jul 2010 13:29:28 +0000

A weak USD vs the major forex trading pairs making for a positive open on the S&P 500. Futures are up slightly just prior to the bell. I will be watching the VIX in addition to the usual forex crosses to determine market direction today. My instincts tell me VIX falling today keeping S&P 500 up. The forex market crosses aren’t clearly pro-risk or anti-risk so I have to admit I’m not 100% what’s the motive force behind the cross rate activity pre-market. After the open we’re seeing strong anti-risk in the fringe cross pairs (NZL, AUD, etc.) yet also seeing strong EUR and weak USD (protending relatively favorable risk enviro). What is dominating trade this morning however is the Strong Yen (was mixed pre-open, now strong). This is presently driving the S&P 500 down. I am looking for a Yen reversal (weakening) as an opportunity to pick up binary option calls on my favorites, DIA and SPY – staying out until I see a S&P 500 bottom combined with peak in VIX and Yen. Forex Trading Action Reversal Looks like the market turned around 1:30pm, were you paying attention? I’m normally one to setup trades in advance, set trades [...]

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Weak USD Pre-Market Makes Favorable S&P 500 Open