The Euro Dropped

First, the great bull run did not run long, so far. The market moved to tops of 11,907 in Monday's trading, with just another good whipsaw to allow traders 1.50 per contract profits on the September630C, and to make a second buy to the September590P.

Some traders profited already on the put:

"2nd buys made at 8.90.

Running out of steam yet?

sold partials at 10.30

wait till morning to place final sells....."

Some profited to the call and the put.
"Like clockwork, Floyd, I got a 1.00 on the OTM call, and already sold partials on the put, after my second buy".

We will list, again, a call for a potential buy, but will NOTE THE RISK, as we see the market near and at tops, and decline imminent.

Much is around oil, of course, but more around the USD, and the false hopes last week, we think, that the USD is rising for the longer term. Study our work this week on the USD, as we believe it is being falsely manipulated to raise its' value, and that it won't last.

Aug. 9 (Bloomberg) -- The euro dropped the most in more than three years this week, pushing the currency to a six-month low against the U.S. dollar, as traders pared bets the European Central bank will raise interest rates as the economy slows.

The currency fell the most in almost eight years yesterday, dropping below $1.50 for the first time since February, after ECB President Jean-Claude Trichet said Aug. 7 economic growth will be ``particularly weak'' through the third quarter. Crude oil fell to a three-month low, silver reached its cheapest since January and copper fell to its biggest weekly drop since May 2007, easing inflation concerns.

``What we have seen over the last few days is the recognition in Europe, in Australia, all around the world, that growth is slowing everywhere,'' saidMohamed El-Erian, co-chief executive officer of Newport Beach, California-based Pacific Investment Management Co., in a Bloomberg Radio interview. ``The euro is no longer as attractive as people once thought.''