Futures markets got a little boost overnight on what appears to be stimulus hopes from the PBoC on more weak Chinese data, this time Manufacturing PMI and of course the default issue still looms large as commodities got whacked again this morning around 8:30, at least gold and copper did.
From what I've seen, I see no reason the PBoC would ease, they have said not to expect any easing and I believe them, but it's helping our FXP position we'd like to enter so all the better I suppose.
It looks to me like we are going to pick up where we left off both Friday and with last week's mini cycle, so there should be some short , quick traded like perhaps PCLN and then some larger short positions this week as that cycle is winding down.
Just stay patient, when our shot lines up, we'll take it.
5 years ago
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