Waiting On FX


FX DROUGHT - If you're trading FX out there, please let me know what you've been trading these past few days because from my vantage point, we are in a drought. Nothing to buy and nothing to sell right now. Feels like we are smack in the middle of whatever this is. It's critical during this time you don't make the mistake of jumping in and taking a position just for the fun of it. If you're looking for action, look elsewhere. The beauty of trading is that volatility always comes knocking. You just have to have faith in this fact and wait for the knock. If you don't take my advice and wait for the knock, you could put yourself in the undesirable position of getting 'knocked' out.

SHORT EQUITIES - Now I know what many of you are thinking right now. But what about USDTRY Joel? Ok fine..ya got me :). Yes. USDTRY is looking interesting after just posting a fresh record high. The Lira declines have been quite extensive and there is risk we see a corrective reversal in the sessions ahead. But this isn't a play I'm inclined to take, and I will be holding off and watching from the sidelines. I actually think the most attractive play out there right now is short equities. I sold some SPX500 on Monday and will be looking to see if we get another topside failure after the market stalled out on Friday. The strong employment report is forcing the Fed's hand and a move to tighter policy will be a disincentive for equity market participants.

Wait for the market to come knocking or risk getting knocked out. Via @joelkruger

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