The euro may surprise the bears

With so many traders rushing to short the euro, the market is looking very one-sided. Are the bears about to capsize the boat? John C Burford looks to the charts for clues.

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(CONTRACTS OF EUR 125,000) OPEN INTEREST: 321,568
COMMITMENTS
43,152180,9623,058-241,859-73,974288,069257,99433,49963,574
CHANGES FROM 08/07/12 (CHANGE IN OPEN INTEREST: -675)
-3,5902,509653,418-573-1072,001-568-2,676
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
13.456.31.075.223.089.680.210.419.8
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 193)
407615495099131Row 8 - Cell 7 Row 8 - Cell 8

John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.