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Forex Currency Markets Show Big Profit Opportunities
Last Updated: Feb. 8, 2010 - 1:03pm EST
(NEW
YORK) – Europe's deficit problems continue to haunt the Euro, and
send both the US dollar and bullish US Dollar ETF's higher on smart
currency trader moves.
Europe's continued deficit issues with nations like Greece,
Portugal, and possible Spain have sent the Euro down to near-term
lows, while pushing the US dollar higher on investors seeking risk
safety. Tom Bustamante, the Managing Partner at Ludlow Capital Group
commented, "The Euro showed some support in early trading
Monday, but we still see continued 'risk contagion' on the European
currency, and still remain short the Euro, dollar denominated
assets, and long the US greenback for the near-term".
Ways to Play the Market
One way to take advantage of the fallen Euro is by taking positions
in the bullish US Dollar ETF, which trades under the symbol (UUP).
We see a potential short-term move up to the $24.50 to $25 range in
that ETF. On the other side of the trade, we have been short the
Gold ETF (GLD), and Yumana Gold
(AUY) as plays on a stronger dollar
and weaker Gold. We could potentially see gold retrace back below
the $1,000 mark as the Euro continues its decline. On the energy
side we have also been short UCO, the Ultra Oil ETF, but we are
starting to cover our short positions in that ETF as we find
attractive value under the $10 range.
On the more high risk trade side we are trading the Forex market by
shorting the Euro outright, and find some interest opportunities in
the Yen/Euro side as well.
To receive our outlook on the Forex and currency market, and what
our next trades may be, register to our FREE Forex trading
newsletter to get the latest outlook and trades - http://www.wallstreetnewscast.com/request/forex.html
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Wall Street Newscast
Email: info@wallstreetnewscast.com
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