Today is an easy day to lose a lot of money very quickly - from either side.
Won't even try to explain what is going on, but apparently the dollar was crushed late morning and with that the market did a 180 degree turn upward. So whenever you want to rally, just crush the US peso.
Now, in the last 30 minutes we sell off and head back near where we were in the morning.
I'll have the popcorn out for the last 30 minutes. Remember, tomorrow is a huge day of economic reports - one after the other. Anyone making large bets ahead of those, I'll warm up the seat for you in Vegas.
On the other hand, not sure if any such data about the economy will matter - the US peso is the driver of all things. Thanks Ben.
p.s. the US peso looks to me like it wants to go higher despite someone (big) coming in to crush it midday. Series of higher lows...
If the employment data Friday is poor it will be interesting to see if this oversold bag of fleas can break north of 78. It has to rally at some point - nothing goes straight down. Slap some lipstick on this pig...