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First Year Chemical Engineering student at University of Ottawa Part Time Swing Traders Trades Currency, Options, Equities, and Treasuries.
  • Large Cap Break Down and Shorting the Euro out of steam? 0 comments
    Nov 30, 2010 5:01 PM | about stocks: SPXS, EUO

    I have been tracking BGZ for about 5 days now, and it seems like it can't break the 10.90 ish mark. a good trade here would be buy it around 10.60, put a stop at 10.35. If the Russell 1000 closes down another 2-2.5%, the 10.90 would be come the support. and this trade could yield big.

    The Euro have been weak all in November, and right now its not the end of the world to short the Euro. I think that the Euro could go down another 10-12%. If you don't have a forex account a great way to short the Euro is a 2x short ETF EUO. i would buy EUO today and hold is until the Euro goes down 1.20. Then i would cover half at 1.20 then wait a bit lower. but i think that the Euro would hold the 1.2 mark. If spain and Italy get in to the whole Crisis, then i think the Euro could go all the way down to 1.1ish mark. Buy EUO around the 21.65 for along term trade. limit loss at 20.50.

    BGZ could hit the 10.90 mark tomorrow.
    EUO would keep climb up so buy then fast.

    My Trades ideas trackers.
    buy EUO at 21.62
    Limit order of BGZ at 10.6 stop loss at 10.35

    Happy trading.

    Disclosure: Long on BGZ and EUO

    Stocks: SPXS, EUO
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