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ProShares UltraShort Euro Message Board

  • dublucash2004 dublucash2004 Oct 27, 2011 3:31 PM Flag

    Euro Longs should be taking profits

    After a 3 week run from $1.31, I would have to think some Euro longs will be taking profits at the end of day like today. Not much more news to make the Euro run any higher.

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    • Have they not wiped all the shorts out yet in the Euro?

      Brutal 3 weeks.

      • 1 Reply to luxottica_place
      • That is my point - there can't be many shorts left that have not covered as the Euro rose from $1.31. Anyone still short going into yesterday's meeting was just foolish anyway. I can't see anyone who was short waking up with a 3 cent move in the Euro and saying to themselves - I'd better cover this. Maybe they stopped out a few people, but my money is (literally) on the side that a lot of new short positions opened up this afternoon.

        No doubt that a lot of sideline money was moved into European equities, and that some asset classes were switched that direction - but a 3-5% move today -- on top of a 10-12% move -- is not the makings of a sustainable rally -- any more than a voluntary haircut makes for sustainable Greek debt.

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