We had a short vicious rally late on Friday. Mainly due to better than expected results from JP Morgan. In reality it was a classic bear squeeze in thin markets. Is this the start of a bigger correction ? Hard to say, but today’s trading will be key. I would not be quick to sell here this morning. We need to see some price action, this market is expecting some Fed and ECB action in regard stimulus.
Levels on the Euro are 1.2180 and 1.2260 and on the S&P 1353 1333 Going to be choppy and not a great market to trade.
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