A new trade in UUP has been entered. A Feb 2 $24 spread trade has been purchased for $0.38 before commissions and fees. The goal of the trade is $0.80. A stop loss has been entered. Some reasons for the trade are below
- UUP crossed lower than $24.00
- Next support is $23.66.
- Likely rate rise not until March as all of last year's rate raises were during meetings that also had a press conference by chair as well as a summary of economic projections
- A reversal going higher will be quick with economic items like GDP and rate rise dates happening before expiration date.
- Euro is hitting resistance
**
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