Banks are getting absolutely crushed. C and BAC down 10%? Barclays off 11%? Yikes. 10 yr broke 2%! SPX stalled at 1152 then got absolutely hammered on the biggest Philly Fed miss since 1998.
Here's the Euro chart which I've been studying this past week and why I've been cautious the past four days. Despite the DAX being down 7%, the Euro is only off 1%, which support my thesis that it will be stuck in this range before breaking out higher on a weakening dollar.
My hands are tied until FXE reaches the 141.70 level. At that point, I expect Euro support (USD weakness) and I will be comfortable playing commodities on the long side.
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