That was an impressive move we just saw on the Euro, thanks to some intervention from the ECB, the EURUSD pair just moved from 4yr lows +200pips to 1.2351.

If you dont trade forex, that is a really big move in a very short amount of time.



Since the markets are watching the Euro for direction, if they can move the Euro like this, the markets may follow.

Tail wagging the dog?...

Good morning traders!

Yesterday I said bias was to the upside and very much so if 1090 got taken out on the ES futures. Thankfully that worked out well and we got to see a sweet melt up!



Today is going to be like the morning after a huge frat party. We all got drunk and partied hard, now we are waking up a little groggy and not really sure who the girl lying next us is.

Im...

From our friends Goldman via Zero Hedge:

Delinquencies and Foreclosures Rise Again

Data just released by the Mortgage Bankers' Assn show that more than one-tenth of all US mortgages are delinquent, a new record high. Homes in foreclosure edge up slightly as well. One caveat: the increases are driven by seasonal adjustment, which should probably be taken with a grain of salt given the huge shifts in this sector over the past few years.

Mortgage delinquencies:...

It sounds like this will all boil down to HFT (high frequency trading).

We will get greater details in the coming days, I will update more at that time.

Update 1: The drops in PG and MMM account for 400 Dow points. While the NYSE halted PG for 90 seconds, ECN's like ARCA traded around the temporary halt and at least 4000 trades went through at prices lower than the NYSE halt. Stocks like EXP traded down into the pennies when bids vanished but market sell orders kept...

Bloomberg's Asian stock vixen, Betty Lui, talks to John Taylor who runs the $9B hedge fund FX Concepts.

He is calling for the $1.20 level for EURUSD.