May 29/30 was a Key Turn Date for Market Psychology...a date when the Euro currency “bounced back” after looking into the black hole of an Italian inspired existential crisis...a date when prices of a number of different markets registered sharp reversals as contagion fears surged and then subsided.
Polar Futures Group
Polar Futures Group is the team of Victor Adair and Drew Zimmerman who have worked together for over 5 years. Together they offer over 50 years of experience trading in financial markets. They specialize in trading currencies, interest rates, precious metals, base metals, financial indices, energies and agricultural exchange listed futures and options contracts .
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Market Psychology had a classic “Risk Off” profile early this week as the “existential crisis” unfolding in Europe rallied the safe havens (USD, Swissy, Yen, Treasuries, German bunds) while the Euro, stocks, commodities and peripheral European bonds were dumped.
EUR/USD has dropped from over 1.25 to below 1.17 (~7%) in the last 9 weeks...closing this week at 7 month lows as political/economic developments in Italy herald a potentially existential crisis for Europe as “contagion” fears start to creep into the market.