Bearing in mind the extreme correlation to this point between inverse USD and SPX…
…it is probably a good idea to keep an eye on Uncle Buck, who is holding support and bouncing. Oh and yes, I continue to hold my still-unprofitable EUO positions as macro hedges, pending this support on DXY.
While everything is up in the air right now, one scenario (among others) is in play amid the joy-fest. That scenario would be a massive macro sell signal now that joy has spread far and wide across the land about the dead wicked witch and the soon to be dead virus. I don’t like it from a contrary perspective.
If such a scenario were to engage Uncle Buck would receive all those off-sided funds racing for safety. Just a thought. Probably nothing.
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