EQUITY OPTIONS: CORRECTION on the SX7E Option
Jul-09 11:04
SX7E (15/12/28) 150/250 Risk Reversal, bought the Put for 0.90 in 12k vs ~6.5k at 210.00....
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STIR: J.P.Morgan Recommend SFRZ5/M6 Flatteners Vs. SFRH6/H7 Steepeners
Jun-09 10:58
Late on Friday J.P.Morgan recommended imitating SFRZ5/M6 futures flatteners paired with 70% risk in SFRH6/H7 futures steepeners
- The recommendation is based on the idea that “Fed will likely be on hold for some time”, leading to them looking to fade “the front loading of easing that is currently priced in”.
OPTIONS: Expiries for Jun09 NY cut 1000ET (Source DTCC)
Jun-09 10:57
- EUR/USD: $1.1300(E797mln), $1.1350(E1.4bln), $1.1375(E572mln), $1.1425(E1.9bln), $1.1500(E775mln), $1.1520-30(E828mln), $1.1600(E1.6bln)
- USD/JPY: Y143.55-65($982mln), Y144.00($660mln), Y145.00($512mln)
- EUR/GBP: Gbp0.8440-50(E680mln)
OUTLOOK: Price Signal Summary - WTI Bull Cycle Intact For Now
Jun-09 10:53
- On the commodity front, a bullish theme in Gold remains intact and the latest pullback is considered corrective. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3240.0, the 50-day EMA.
- In the oil space, WTI futures traded higher last week, resulting in a clear break of resistance around the 50-day EMA. The climb signals scope for an extension towards $65.82, the Apr 4 high. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $59.74, the May 30 low. A break would highlight a potential bearish reversal.
