BigTrends

Did you miss that rally on Monday?  4% move based on the 'shock and awe' from the eurozone.  A trillion dollars...imagine that!  If you were positioned for the rally on Friday then you did well.  Of course, that was a big bet on the euros making this bold statement.  What needs to happen now?  Well, the market may now be rangebound.  I'm not sure a retest of Thursday's low is really necessary and that is probably the low for the year.  Given the stimulus and liquidity it's likely money will be coming into our markets in droves.  In addition, the opening of swap lines between our Fed and the euro will make it easier for the euros to capitalize on a stronger greenback.