Two Ways to Play: Euro Rallies on Greece Bailout Speculation
Strengthen your portfolio in good times and bad.
The euro is rallying against the dollar this morning after word spread that Greece will get help from the European Union to address its budget deficit.
According to Bloomberg, EU leaders are already scheduled to meet on February 11 to address Greece's situation, but it was ECB President Jean-Claude Trichet's decision to leave a meeting in Sydney one day early that fueled speculation that a Greek bailout package was imminent.
US stock futures gained as the dollar weakened against the euro. As of 7:50 AM EST, the euro was trading 1.3763 vs. the dollar.
From the Bull Pen: If we're ready to resume the bull run, copper plays may be vehicles to consider. Southern Copper (PCU) may be one option; a sell stop can be set below ($26.35) in the short term.
From the Bear Cave: One day doesn't make a trend, but on the thesis that the bullish dollar has become a crowded trade, consider the dollar bearish fund (UDN). Short-term sell stops can be set below $26.50 support.
For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter.
A Quick Check Around the World
Asian trading closed with the Nikkei -0.19%, India 0.67%, Hang Seng 1.22%, Shanghai 0.47%, and Taiwan 2.01%.
Across the pond, we see the FTSE 0.19%, CAC -0.20%, DAX -0.06%
As of 8:22 AM EST, S&P Futures are trading +10.0 to 1065.75. Nasdaq futures are +16.5 to 1751.00.
A Look at Commodities
Over in commodities, crude oil is +0.98 to 72.86 while gold is +10.20 to 1076.40 this morning. Silver is +0.245 to 15.330 and copper +0.0305 to 2.9435.
The dollar Index is -0.3450 to 80.1000.
On the Radar
10:00 Wholesale Inventories 0.6% cons.
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Turnaround Tuesday? Good luck!
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