Our whole portfolio is skewed Long Equities. This is one big reason we took a small short in the Euro. The dollar has been seeing inflows as the world equity markets have sold off. The better level to sell the Euro is 100 points higher, hence the very tight stop. Given the weakness in the metals, the Euro and Swiss should have a somewhat firm tone just off the spreads with the metals. Don’t sell weakness in the currencies.

GBP/JPY…a close over 121.58 will put in a reversal pattern in this cross. This would show Pound weakness against Yen strength is waning.

For now use break even stops in the individual instruments. We’ll let them open and then adjust our positions and stops.