Coiled at triangle support, the short term risk is that any sort of ‘good news’ headline will spike us up. This is where I want to be taking profit immediately and not messing around with this one into the weekend.
If a deal cannot be reached, or the longer it drags on at least, we have the potential for a HUGE correction to the down side with basically nothing priced in at the moment. I really can’t see this happening but just be aware and don’t mess around with stops or weekend holding on this one.
There is a special (ooh la la!) Eurogroup meeting scheduled for the European afternoon (14:00 GMT) and if the last few weeks of headline driven shenanigans are anything to go by, we are going to get some action whether anything concrete is said or not.
Both the European and US so called debt ‘crises’ have taught us to expect an eleventh hour deal every time. I assume this is the reason that nothing has been priced in for downside risk.
It’s a little scary but for me, a spec long is today’s play.
Dane Williams – @danewilliamsau
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