EURUSD just traded under1.2150, down over 130 pips on the day. The question is - will we see the ubiquitous rip-roaring reversion rally into the European close again?

The answer is “no.”

FXE is having a complete and total breakdown this morning, making a new low in the process. There is no heading back this time.

SPY is having its breakdown, too. It is in a brief bounce at this time, but don’t expect it to regain any losses. So far, this move is not hurting the options sellers. But you better believe that they’re nervous. A further decay in price may bring a flood of selling.

That’s all for now.

Tony

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