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Video: Bullard Buys Dollar Another Day, SPX Starts to Fade

Video: Bullard Buys Dollar Another Day, SPX Starts to Fade

2016-03-24 01:44:00
John Kicklighter, Chief Strategist

Talking Points:

  • The Dollar's run stretched to four days Wednesday with remarks from Fed member Bullard reviving rate speculation
  • Stretched risk trends started to slip this past session with the S&P 500 pressuring its suspiciously familiar channel
  • Whether the next leg offers a run up or slide from risk, the liquidity limitations should be factored in

See how retail traders are positioning in the majors using the FXCM SSI readings on DailyFX's sentiment page.

A holiday liquidity drain is coming up quickly, but the drain is impending just as the stretched risk rally starts to wobble and on the back of a four-day Dollar rally. If it weren't for the curb on activity ahead, the technicals and fundamentals would look well-positioned for projecting sizable moves. However, market conditions can trump all; and in this case, they are likely to do so. That said, trade setups should be selected for their sensitivity to these key themes as well as their ability to play out quickly - or for situations where it is a signal for a longer duration trade that where the temporary dip in market depth will matter little. With risk teetering, I like AUDJPY and CADJPY; but there are other options on the list. If there is a further upswing, my view goes to the more exotic. Meanwhile, the other - less motivating - fundamental developments may better shape opportunity for after the weekend. We look at market conditions and their opportunities in today's Trading Video

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