The whole board this a.m. shows contra trend relief moves

from yesterdays big directional moves….

The euro needs a close under 131.80 to extend down..

Yen got the stops in the futures in the low 118’s as the

straight Usd/Jpy poked it’s head above 84.40 to check out the

the dollar stops. Again it has failed to extend.

Aussie failed to get the stops in the cash under 98.30..

Any remaining Short Aussie position should carry a break even stop.

We dramatically took down our risk profile over the past two days.

This type of price action leads us to believe we’ll be in a pick pocket

trading environment where follow through from these levels will be difficult.

Caution is required. The volatility in the equity indices going into today’s Expiration

has been very low. Traders are looking for alternate instruments to sling

around. Volumes after today will dramatically decrease as all the big traders

head for warmer climates.