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Well so much for those USD & IYR trades. I don’t know what they’ll be opening up at this morning but I’m sure that it will be below my stops closing out both for a loss. Where they go after open is anyone’s guess. One direction they won’t go is sideways. Either big investors will step in seeking buying opportunities giving the markets a London Bombingesque bounce or fear will win out as it did in the overseas markets and drive the indices ever-lower.

There is some small consolation in that that the EUR/GBP trade paid off. I’m going into wait and see mode for today. The picture should be a little clearer after all the emotions die down a little bit and I can go back in and analyze how people truly played their cards. Either way, there’s going to be opportunities; just going to have to wait and see what kinds of opportunities they are.