Market Update for June 30

I have to admit. Yesterday was a tough day for me. Last night was even worse. I couldn't sleep. It shouldn't have been the case. I executed my trade in the euro perfectly. I bought at 1.0980. I had my defined risk of 30 pips. I then set my limit order for a 100 pip profit. I followed the news. The EU Commission said centimeters away from a deal. I entered my order, finished yesterday's blog post, and watched the market work in my favor. I felt good. Then I went to the bathroom and did a few other things. I came back to my screen and I was already out of my position as the euro hit 1.11. I made money, but I was out of the market.

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I was paralyzed. I should have been elated as I accomplished my goal. Instead I spent the next 10 hours watching the euro climb higher. I felt like Steve Wozniak and the other guy that founded Apple with Steve Jobs. Geniuses for getting in early. Dumb asses for selling too soon.

The reasons behind the rally were numerous. First, the initial sell off was a knee jerk reaction to the Greek referendum. Second, the headlines coming out of Europe were headlines of EU leaders speaking conciliatory towards Greece. The Greek leaders made a brilliant chess move and put the EU and their stuffy noses up against the wall. Third, almost everyone is bearish the euro. They all kept saying on Twitter that it couldn't keep rallying. "We're not seeing 1.12 today," said one. Well we got 1.12 and then some. I hate to see anyone lose money, but short sellers got killed yesterday trying to top pick the euro. Their short covering further fueled yesterday's rally.

Well, what's in store for today? I think it's going to be another tough day. Can make arguments either way for which direction the euro will head next. I trade off of facts and current facts at that. Until something definitive presents itself, I'm on the sidelines.

On today's agenda, we have German unemployment figures, UK GDP at 04:30 EDT, RBA Governor Stevens speaks at 04:40, euro zone inflation and unemployment data, Canadian GDP, S&P Case-Schiller Housing, Chicago PMI, and at 18:00 Fed Member Bullard speaks. There's a lot of data, so I won't bore you today with the expectations. Needless to say, I expect a busy day and will be glued to be screen for the entire time.

As always, good luck and happy trading!