The market will digest the news from Germany, where parliament has approved the Eurozone package by an overwhelming and expected margin. The FXE (euro index) closed yesterday at 124.75, a recent high. Today will show a little more whether that leap was about short covering or other factors.
AAPL is trading at 234.07 in premarket, its lowest level in months. If the market bounces after the dreadful decline of the last several sessions, AAPL will be one of the leaders. Watching closely.
FAZ is also moving higher in early trading at 17.52 while financials are at lower prices (C 3.58, GS 135.75, IRE 5.30, STD 10.35). Until the details of the euro crisis are resolved, financials are range bound, at best.
VXX is near its premarket high at 34.89. More than $8 billion was withdrawn from the market in the past weeks since the Flash Crash. Retail investors who are still in the market are taking precautions, no doubt, by seeking VXX and treasuries. ETFs that mirror treasuries (TLT, TMF) have performed exceedingly well lately.
Still long FAZ and VXX. Still 55% cash. Ready for any kind of bounce today, next week, next month.
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